Category Archives: Barry Silbert

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Silbert: Only Indians and Central Banks Buying Gold

Silbert: Only Indians and Central Banks Buying Gold

Two heavyweights in finance belting it out at the SALT Conference 2019 between gold and Bitcoin have resulted in some of the most outlandish claims for each other’s choice of asset, with Bitcoin advocate Barry Silbert claiming that gold is quickly being left behind by most individuals globally as a safe have and store of value.

Silbert, who is the founder and CEO of Digital Currency Group, had launched a scathing attack on the world’s most recognizable precious metal, targeting especially gold’s demand and utility. He argues that the modern world does not use nor demand gold the way it used to, with obvious usage only in computers, jewelry and dentistry. With time, people would seek a better alternative to gold:

“We did not grow up in a gold standard A lot has to go wrong. But, it does not take a lot for Bitcoin to out-perform Gold. Only Indians and central banks are buying gold.”

His promotion of Grayscale’s #dropgold campaign has hit the mainstream media in recent weeks on the back of a Bitcoin rally, but not everyone is convinced. Pro-gold investor Peter Schiff fought back against Silbert’s claims, saying that Bitcoin had zero value and needs constant mining and verification, unlike gold that would stay unchanged for a thousand years:

“We don’t have enough energy to power the network that would be required to run Bitcoin… In order to be money, an asset value independent than a medium of exchange.”

Schiff also bizarrely claims that gold is the only authentic money, while Bitcoin belongs to the same class as dollars, pounds and yen: fiat currency. As such, Bitcoin would, like all fiat, ultimately collapse:

“All fiat currencies ultimately collapse. The reason that gold that store of value is you can melt in down in a 1,000 years and and use that gold and use to make a computer chip. Gold does not lose any of its property over time.”

 

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Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Morgan Creek Digital: Bitcoin Could Be Entering Multi-Year Rally

Digital asset fund manager Morgan Creek Digital‘s CEO, Anthony Pompliano, has come out to say that all the signals are pointing towards a possible multi-year rally and Bitcoin bull market that could last two to three years, as quoted by Bitcoinist.

His sentiment comes on the back of strong performances by Bitcoin in recent weeks and months to completely overturn a year of sliding prices, soaring from a low of USD 3,100 in January to its current range of USD 8,750 in less than five months. Pompliano has advised investors during an interview with CNBC to keep Bitcoin in their portfilios because it was a “non-correlated asymmetric return asset”.

The influencer, who also runs the Off the Chain podcast, pointed to growing fundamentals that support the theory of a returning bull market, such as ever-increasing trading volumes on exchanges, and evidence that investors — both retail and institutional —  were moving funds back into cryptocurrency.

The current trade tensions developing between China and US, the world’s two largest economies, are also showing Bitcoin as a safe haven for value, with more money pouring into it. This is a view supported by the likes of Grayscale CEO Barry Silbert.

Pompliano argues:

“We hit the bottom of the bear market, and now we have entered into this bull market. It would not surprise me if we entered a kind of two to three-year bull market now.”

To underline his point, he also pointed out that more than three-quarters of Bitcoin supply had already been created, signaling a scarcity factor that would only increase with Bitcoin rewards for every new block found by miners due to be halved a year from now in May 2020.

Given that price is now approaching USD 9,000, it would seem that Pompliano is on the right path with his prediction of a multi-year rally.

 

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Grayscale CEO: Bitcoin’s the Younger Generation’s Version of Gold

Grayscale CEO_ Bitcoin’s the Younger Generation’s Version of Gold

In a recent interview with Maria Bartiromo on Fox Business, CEO of Digital Currency Group and Grayscale Investments founder Barry Silbert intensified his #DropGold campaign.

Being one of the major proponents of Bitcoin, Silbert was asked to make a sales pitch. And, doing a hell of a job out of it, he provided useful insights into Bitcoin investments:

Firstly, though notably a far cry from the all-time high in December 2017, Bitcoin had gone through a series of price ups and downs, however, it had improved by 10% in just 24 hours before the interview, Silbert explained it as Bitcoin being able to perform really well in periods of financial dislocation – just like gold used to. He was of the opinion that any current economic indicators may have prompted the slight surge for Bitcoin – be it the news from China or the general technical bullish trends, nevertheless, the digital asset was doing well and signaled a better hedge than gold.

In his sales pitch, he noted the generation shift in investment choice, explaining how Bitcoin was a more preferred choice for the younger generation who have not allocated to gold. This further intensifies earlier reports about an increasing millennial trust in Bitcoin over traditional investment vehicles.

Silbert said:

“Bitcoin is the younger generation’s version of gold, it has all the same characteristics – scarce, divisible, portable and has utility.”

Silbert’s overall assessment was that the Bitcoin community is creating an entirely new payment and financial rail network which could transform economies. He further implied that the fact that the likes of Fidelity, Facebook, Square, and the New York Stock Exchange (NYSE), were all getting involved in building an infrastructure for the new ecosystem, was an important landmark for the industry.

Grayscale’s recent #DropGold campaign was intended to be provocative to sway the older generations into trusting Bitcoin as a better investment over gold, noting how gold is heavy and expensive to store. Whereas, Bitcoin has some of the characteristics of gold such as being finite actually had more utility than gold and was ubiquitous given how mobile and digital technology have been globalized.

However, the world gold council (WGC) recently kicked back with a stern response to the DropGold initiative, expressly stating that cryptocurrencies are no replacement for gold, and citing gold as being less volatile, having a more liquid market, and a regulated market being the cherry at the top. Although Adam Perlaky, Manager of Investment Research at the WGC sees an overall promising future for cryptocurrencies and blockchain technology, however, he is of the opinion that they do not represent substitutes to gold.

A performance duel may have inadvertently been created from both extremes with the masses waiting to see which asset will prove true to their underlying concept of worth.

As for Bitcoin, the struggle to conquer the USD 6,000 price resistance level continues on as the overall outlook remain bullish. As at press time, the asset was trading above USD 6,000.

 

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GrayScale Investments Hoists Bitcoin in #DropGold Campaign

GrayScale Investments Hoists Bitcoin in #DropGold Campaign

Digital currency and crypto asset management firm Grayscale Investments LLC has launched a new campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

The #DropGold campaign was unveiled with a TV commercial, which has now gained over 88,000 views on Twitter in the past day. In the commercial, corporate workers are seen abandoning physical bars of gold, dumping the heavy metals and running away, presumably to get Bitcoin.:

Today we unveiled our #DropGold TV commercial. We think it’s a #MustWatch

sound ON! pic.twitter.com/SEGAmMItsE

— Grayscale (@GrayscaleInvest) May 1, 2019

In a statement to Forbes, Grayscale claims that the new campaign is advocating for “investment portfolios to reflect that bitcoin has become digital gold for today’s forward-thinking investors.”

Barry Silbert, founder and CEO of Digital Currency Group and its subsidiary Grayscale Investments, said:

“There is a generational shift in how individuals are approaching investing. We strongly believe that investments in gold will be reallocated to bitcoin as Baby Boomers begin transferring their wealth to a younger generation of investors, one that wasn’t raised on the gold standard. The gold industry has done a fantastic job of marketing an overpriced metal but bitcoin has superior physical properties and market utility.”

Grayscale Investments managed the publiclly quoted Grayscale Bitcoin Trust, which today holds around 1.2% of the entire world’s Bitcoin in circulation.

 

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