HomeTodays NewsBitcoin [BTC] is this generation’s gold and it will be a huge success, says Grayscale CEO Barry Silbert
Bitcoin [BTC] is this generation’s gold and it will be a huge success, says Grayscale CEO Barry Silbert
May 2, 2019
Barry Silbert, the founder of Digital Currency Group and CEO of Grayscale Investments, spoke about the #DropGold nation-wide ad campaign launched by Grayscale, in an interview with Yahoo Finance. He also elucidated the agenda of the initiative and the reason behind comparing it to gold.
During the interview, Silbert was asked about the campaign‘s focus, whether the best way to attract new investors to invest in Bitcoin [BTC] and other digital currency was by targetting millennials. To this, he stated that one of the main objectives was to “start an honest conversation” about gold and the reasons it may not be a “great investment” in the long-run. While the other was to point the reasons behind why Bitcoin would outperform gold, “as our generation of investors inherits 10’s of trillions of dollars of the next 25 years […] it’s not going to stay in gold,” he stated. Further, the CEO remarked that all of that money would probably not go into Bitcoin, but it would be a beneficiary.
On Bitcoin being classified as digital gold, he stated,
“Bitcoin is nothing ever more than just our generation’s version of gold. It’ll be a huge success and it will deliver great benefits to society and I do think it can also be a payment rail, it can also do a lot of other things. But if it’s just another better version of an $8 trillion asset class, great!”
Silbert also spoke about the price of Bitcoin, which witnessed a significant drop throughout 2018 as it slumped from $20,000 to nearly $3000, amounting to an 80 percent drop. He said,
“Bitcoin’s been through 5 cycles now of record highs, down 80%, a record high… And our belief is you know is we’re out of that crypto winter and at what point do we hit all-time high is I don’t know, but relative to gold.”