Barry Silbert is a prominent figure in the cryptocurrency industry, known for founding DCG, which owns major assets like Grayscale, Genesis Trading, and CoinDesk. His involvement dates back to 2011, when he began buying Bitcoin at $7, making him one of the earliest institutional investors. Recent articles from U.Today, BitcoinEthereumNews, TradingView News, CryptocurrencyNews, and Crypto is Coming, all dated April 17, 2025, confirm his statement made during an appearance on “The Journeyman” podcast with financial expert Raoul Pal. This aligns with ongoing debates about the value and utility of cryptocurrencies, especially amid market volatility and regulatory shifts in early 2025.
Details of Silbert’s Statement
Silbert explicitly stated that 99.9% of cryptocurrency tokens are worthless, emphasizing that they have no reason to exist, as reported in U.Today, BitcoinEthereumNews, and TradingView News. He noted, “Over the last…13 years since I first bought Bitcoin…I’ve always been intellectually curious about everything else that’s coming out of our space. I think, for the most part, 99.9% of crypto tokens that are out there have no reason to exist and are worthless,” per U.Today. This statement was made in the context of discussing the crypto landscape’s evolution, with Silbert expressing skepticism about new tokens despite his fascination with blockchain innovation.
The CryptocurrencyNews article reinforces this, stating, “According to Silbert, 99.9% of cryptocurrency tokens are worthless, offering no real value to the ecosystem,” highlighting the jarring nature of his assessment. The Crypto is Coming article, though older (2018), provides historical context, noting Silbert’s belief that most cryptocurrencies will crash to zero, aligning with his current view.
Reasoning Behind the Statement
Silbert’s reasoning is rooted in his extensive experience and high standards for token utility:
- Historical Perspective: He started buying Bitcoin at $7 in 2011, witnessing the market’s growth from a fringe experiment to a trillion-dollar asset class, per CryptocurrencyNews. This long-term view shapes his skepticism, as seen in his statement about 13 years of observation.
- Utility Focus: Silbert believes only a few tokens will survive, each serving a specific role, such as digital gold (Bitcoin), privacy coins (like Zcash), or fast transaction coins, per Crypto is Coming. He remains bullish on privacy tokens, noting, “People are going to realize financial privacy is important to them…there’s a version of Bitcoin that’s private,” per U.Today and BitcoinEthereumNews, indicating his interest in tokens with clear use cases.
- High Bar for Excitement: He mentioned his bar for getting excited about something is “really really high,” per U.Today, suggesting a critical lens on new projects, which aligns with his view that most tokens lack intrinsic value.
This reasoning is supported by his role at DCG, managing significant crypto investments, and his net worth, estimated at $3 billion in 2024, per finty.com, reflecting his influence and stake in the industry.
99.9% of Crypto Is Worthless, Barry Silbert Says – U.Today99.9% of Crypto Is Worthless, Barry Silbert Says – BitcoinEthereumNews99.9% of Crypto Is Worthless, Barry Silbert Says — TradingView News
