Allen Silberstein's Future of Digital Cash and New Launch

Top Quote Allen Gabriel Silberstein, managing member of Silberstein Capital Management, has a new Digital Cash fund. End Quote
  • New York, NY (1888PressRelease) November 13, 2022 - According to Allen Silberstein, Bitcoin hit multiple new all-time high prices in 2021 — followed by big drops — and more institutional buy-in from major companies. Ethereum, the second-biggest cryptocurrency, notched its own new all-time high late last year as well, and then crashed below $900 in June, its lowest level since the start of 2021. U.S. government officials, the Securities and Exchange Commission (“SEC”) and the Biden administration have increasingly expressed interest in new regulations for cryptocurrency and the SEC has instigated many lawsuits and prosecutions relating to cryptocurrency.

    All the while, people’s interest in crypto remains high: it’s a hot topic not only among investors but in popular culture too, thanks to everyone from long-standing investors like Elon Musk to that kid from your high school on Facebook.

    In many ways, 2021 was a “breakthrough,” says Allen Gabriel Silberstein. “There’s tremendous focus and attention being paid to the crypto industry.”

    But the industry is only in its infancy and constantly evolving. That’s a big part of why every new bitcoin high can be easily followed by big drops.

    It’s difficult to predict where things are headed long-term, but in the coming months, Allen Silberstein and Silberstein Capital Management is following things like regulation and institutional adoption of crypto payments to try and get a better sense of the market.

    Mainstream companies across multiple industries took interest — and in some cases themselves invested in — cryptocurrency and blockchain in 2021. AMC, for example, announced last year it would accept Bitcoin payments. Fintech companies like PayPal and Square are also betting on crypto by allowing users to buy on their platforms. Tesla accepts Dogecoin payments and continues to go back and forth on its acceptance of bitcoin payments, though the company holds billions in crypto assets. Allen Silberstein predicts more and more of this buy-in.

    “We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Allen Gabriel Silberstein.

    Allen Silberstein predicts bigger, global corporations could jumpstart this adoption even more in the latter half of this year. “What we’re looking at is institutions getting involved in crypto, whether it’s Amazon or the big banks,” says Allen Gabriel Silberstein. A huge retailer like Amazon could “create a chain reaction of others accepting it,” and would “add a lot of credibility.”

    Indeed, Amazon has recently sparked rumors that it’s making moves to that end by sharing a job posting for a “digital currency and blockchain product lead.”

    While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future. We’re likely still a long way off before it’ll be a smart financial decision to spend bitcoin on goods or services, but further institutional adoption could bring about more use-cases for everyday users, and in turn, have an impact on crypto prices. Nothing is guaranteed, but if you buy cryptocurrency as a long-term store of value, the more “real world” uses it has, the more likely demand and value will increase believes Allen Gabriel Silberstein.

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