Allen Gabriel Silberstein of Silberstein Capital refocuses on Crypto Investing
The FTX catastrophe highlights that the worst excesses of virtual currencies need to be washed out. But the future is bright for bitcoin and blockchain technology.
- New York, NY (1888PressRelease) December 03, 2022 - The FTX catastrophe highlights that the worst excesses of virtual currencies need to be washed out. But the future is bright for bitcoin and blockchain technology.
Allen Silberstein believes the Securities and Exchange Commission (SEC) will send cease-and-desist letters to the founders of thousands of cryptocurrencies over the next few weeks or months. Any cryptocurrency or token for which the creators received founders’ tokens or any other benefits are going to be classified as securities when the SEC looks at them. If the founders got economic or financial benefits but didn’t register with the SEC, the SEC will probably argue they are in violation of regulations.”
FTX is now bankrupt, and effective altruist Sam Bankman-Fried is out as CEO. The company, its investors, and its myriad subsidiaries and creditors are in ruin.
The promise of bitcoin is still valid, in that it could end up becoming the world’s de facto currency/store of value. People in Iraq and in Venezuela, for example, really know what the downside of government fiat currency can be.
People in the developed world have been finding out, on a smaller scale, just how damaging centrally controlled currencies can be when there’s a vicious inflationary cycle.
Allen Silberstein believes that over time, value and prosperity and ethics carry the day, and a transparent cryptocurrency such as bitcoin on the blockchain will replace the U.S. dollar as the world’s reserve currency, I believe.
We’ll probably be able to scale into more bitcoin toward $15,000-and-lower in coming days, weeks or months.
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