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Digital Currency Group's Silbert buys more bitcoin, says it has 'hit the bottom for the year'

Key Points
  • Digital Currency Group's Barry Silbert is a big proponent of cryptocurrencies as an asset class.
  • "I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week," he said at the Delivering Alpha Conference in New York on Wednesday. “As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”
Barry Silbert, Founder and CEO, Digital Currency Group
David A. Grogan | CNBC

Digital Currency Group's Barry Silbert is optimistic about bitcoin as an investment.

"I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week," he said at the Delivering Alpha Conference in New York on Wednesday. “As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

The price of bitcoin is currently trading at $7,380 Wednesday, down nearly 60 percent in value since it rose above $19,000 in mid-December.

Circle's Jeremy Allaire, who also spoke at the same session on cryptocurrency, believes blockchain will serve as the foundation of new technology innovations.

"This is a new infrastructure layer of the internet. It is going to replace what operating systems do," Allaire said. “It is the future of the internet ... This just isn’t about digital gold.

Silbert is the founder and CEO of Digital Currency Group. The firm invests in the bitcoin and blockchain industry, backing more than 120 companies in 30 countries including Coinbase, Ripple, BitPay and Circle.

Allaire is the co-founder and CEO of Circle, a cryptocurrency-trading firm backed by Goldman Sachs and Baidu.