Allen Gabriel Silberstein of Silberstein Capital Management is excited to announce that it has a new Cryptocurrency Fund
Allen Silberstein launches Silberstein Crypto Capital.
- New York, NY (1888PressRelease) November 12, 2022 - Allen Gabriel Silberstein of Silberstein Capital Management is excited to announce that it has a new Cryptocurrency Fund: Silberstein Crypto Capital, LLC.
Allen Silberstein believes capitulation in the crypto market is beginning to occur. FTX, the cryptocurrency buying-and-selling exchange, has fallen. It was worth $32 billion in February and now an investment in it is arguably worthless. Its CEO Sam Bankman-Fried, 30, was viewed as a crypto messiah. Major investors have already begun to take stock of their losses. Every player in the industry is looking to find out if a friend or rival had any connection with FTX. This disaster has managed to do what critics of cryptocurrencies have always hoped for: to bring shame to the entire industry and to discredit it. In the last few days, I've heard many critics saying: "you had been warned”. The recurring critique continues to be: "What are cryptocurrencies even used for? They are of no use.”
Allen Silberstein believes this is undoubtedly the misconception of the detractors of digital currencies. They believe that cryptocurrencies are a scam and the U.S. Securities and Exchange Commission (“SEC”) is cracking down on them.
Cryptocurrencies are based on a technology, the Blockchain, which is Allen Silberstein believes is revolutionary. It is the basis of a new internet that is not controlled by big tech like Google and Facebook. Allen Silberstein believes It is a decentralized and transparent internet. It's called web3. In this internet, each of us keeps control of our data and is free to do what they want with it. This decentralization can extend to everything. For example, the crypto industry offers us the opportunity to directly obtain a loan from someone who is willing to lend us the money. No bank, no centralized financial institution that will take a commission. If I want to send money to my mother in Africa, I don't have to pay huge fees to Western Union or MoneyGram.
Allen Silberstein believes Inevitably and predictably, when this new technology started to translate into big money, that's when it got all the attention. It is clear to me that the benefits of cryptocurrencies are real. These currencies represent a technological revolution. The road is bumpy, but that doesn't mean that I'm going to discard them as a bad idea.
The internet bubble of the 2000s is a case in point. There is no doubt that the internet has transformed our lives. Yet, there will always be the ones who try to exploit the gaps in people‘s understanding of the new technology or those of an evolving legal framework in order to make easy money. Yet, no one can dispute the value of the internet in our lives, like, for example, the ability to chat on various platforms with family, friends and colleagues. When the dot-com bubble burst, all the companies which lacked a sound business model disappeared, while the ones which solved a real problem or brought something meaningful to society thrived. Amazon is an example. It almost went bankrupt but was able to survive and has since become a juggernaut.
It will be the same for cryptocurrencies. The industry will be shaken up. Prices will plummet and investors will weed out all vulnerable and worthless projects. It is a necessary evil.
Allen Silberstein and Silberstein Crypto Capital believes that, in the long run, cryptocurrencies will prevail, at least the ones which are able to prove their usefulness.
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