Barry Silbert, CEO of Digital Currency Group (DCG), revealed that he could have significantly increased his wealth by simply holding onto the bitcoin he invested in early crypto projects back in 2012.
The entrepreneur began purchasing digital gold in 2011 at $7-8 per coin. As the asset appreciated, he shifted his focus to seeking out crypto startups for investment.
“If I had just held bitcoin, I would have made more than by making these investments,” he lamented.
Silbert also stated that 99.9% of existing tokens are meaningless and useless.
The DCG head expressed support for privacy-focused projects, including ZCash, amidst pressure on them and a general downturn in the segment:
“People will realize that financial privacy is important to them,” he explained.
The CEO of DCG acknowledged that his “threshold of excitement” about anything is indeed very high.
As reported, the company led by Silbert has become one of the largest lobbyists for the industry in the White House.
DCG’s connections extended not only to Republicans but also to members of the Democratic Party. For instance, a key advisor on the company’s board, Lawrence Summers, served as U.S. Treasury Secretary under President Bill Clinton and led the National Economic Council under Barack Obama.
In December 2023, Silbert was included in Bloomberg’s list of billionaires.