Seventeen months ago, a former Wall Street investment banker who specialized in distressed assets took to Twitter to announce he had bought a cryptocurrency for 50 cents per coin. “At $0.50, risk/return felt right,” tweeted Barry Silbert, founder and chief executive of a private New York-based company called Digital Currency Group, or DCG.
It has turned out to be a great bet. The digital coin, ethereum classic, was trading this week at as much as $47 – more than 90 times higher – before falling back. That’s an even bigger rise than that of bitcoin, a far better known cryptocurrency, over the same period.
Silbert continues to be a big backer. In April, a DCG subsidiary launched a private investment fund that tracks ethereum classic’s price and donates part of its fees to developing the technology behind the currency. He still posts bullish comments about the digital coin on social media, including a “pro tip” last month advising an investor to “close out” his short position before an “Ethereum Classic Summit” organized by DCG was held in Hong Kong.
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