Barry Silbert, founder and CEO of Digital Currency Group, risked the ire of legions of Dogecoin enthusiasts when he announced his company had shorted Dogecoin. Short selling stocks is a way for an investor to profit when an asset decreases in value.
Silbert is a big name in cryptocurrencies and one of its earliest adopters. Digital Currency Group is a digital currency-focused venture capitalist firm. Silbert is also the digital asset manager for Grayscale, the world’s largest digital currency asset manager.
On May 8, he announced short selling Dogecoin on Twitter and advised Dogecoin holders to move their assets into Bitcoin (BTC). "Okay $DOGE peeps, it's been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC." https://twitter.com/barrysilbert/status/1391070116574547972?lang=en