If you’re wised up with your finance companies and businessmen then you will have heard of Grayscale Investments’ Barry Silbert. Recently, the CEO of the digital asset management firm believes that in the future, Bitcoin will replace gold as a store of value.
Speaking to Bloomberg, Silbert talked about the latest price surge for Bitcoin as he states:
“The younger generation, I was born after the gold standard, didn’t grow up during a period of war where you had to store your money via something like gold. For the younger generation, money is digital, and anyone can access this asset class. So you have approximately $68 trillion in wealth handed down from boomers over the next 25 years. That won’t stay in gold. It will not all go into bitcoin, but certainly it will diversify.”
Now Silbert has been involved in the market since 2011 so he is used to the volatility the market infamously brings to the table.
“[We’ve] been through quite a roller coaster. Price has gone down 80% four times. But in the past four times, the price has hit record highs afterward. And so if you look at the price for bitcoin, it looks like perhaps we’re coming out of the crypto winter and we’ve entered the crypto spring.”
During the interview, Silbert went onto explain why the latest BTC rally is different from 2017’s. To start off, he cites the ever-growing infrastructure custodianship, compliance and trading software for the cryptocurrency. And then, he goes onto say that the market is currently more ‘attuned’ to the asset class.
The phenomenal growth accelerator coming into crypto is the handing down of wealth to millennials from baby boomers, according to the CEO.
He goes on to that the market has responded very bullishly to apparent demand from venture capitalists and institutional investors.
“If you compare the infrastructure today relative to where it was right before the last bitcoin bull market in 2017, it’s really night and day. And so now the question is not if institutional money is going to move into the asset class, but the question is really when.”