Founder and CEO of Digital Currency Group Barry Silbert said on social media Monday that almost all cryptocurrencies are overpriced.
What Happened: Silbert’s comments came in response to a tweet from Bloomberg’s Joe Weisenthal that inquired if cryptocurrencies were overpriced generally or “just a bunch of sh*tcoins that have no business being where they are?”
Silbert said, “99% are overpriced.”
Silbert last month disclosed taking a short position in Dogecoin (DOGE), and earlier this month said he expects the hot meme cryptocurrency to fall below $1 billion market capitalization.
Why It Matters: Silbert’s Digital Currency Group subsidiary Grayscale Investments is in the cryptocurrency asset management business.
See Also: Started The Year With $1,000 Bet on Polygon (MATIC), Dogecoin? Your Coins Can Still Fetch A High-End Tesla
The firm runs funds such as the Grayscale Bitcoin Trust (OTC:GBTC) and the Grayscale Ethereum Trust (OTC:ETHE).
Bitcoin (BTC), the apex cryptocurrency, has surged over 23% in a seven-day trailing period as of press time. BTC traded 4.26% higher at $40,484.98.
GBTC closed 7.47% higher at $33.08 on Monday, while ETHE ended the day 5.95% higher at $24.45.
Read Next: Not Just Elon Musk: 4 Key Factors Driving Bitcoin To The $40,000 Level
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