Barry Silbert, the founder of Grayscale Investments in his recent interview with Fox Business has said that Bitcoin is doing everything that Gold used to do. Bitcoin proponents have often been heard saying that BTC is the digital equivalent of gold, but with tons of added features.
Silbert during his interview talked about various aspects of the digital token and how it has become the digital equivalent of gold for the millennials. He said Bitcoin performs quite similar to gold like in case of financial dislocation where there is a significant change in the financial market. He explained,
“Bitcoin does what gold used to do. At the moment, if you look at the charts, Bitcoin is up and the tariff news from China looks to be a great setup for the cryptocurrency’s price. It may be that or maybe the drop gold movement is having an effect.”
Silbert was also asked about the current state of Bitcoin and what he thinks about the debate over the next bull run. He explained that over the past couple of years, Bitcoin has gone through a cycle of ups and downs where it started from around $500 in 2017 to peak its highest price point of around $20k. After reaching its peak, the prices again fell to year low during the bearish market, and now it has started to see an upward movement again.
“Bitcoin is the younger generation version of gold. It is scarce, divisible, portable and everything that one needs for fast and safe transactions. The Bitcoin community is creating a wonderful payment and rail network that will transform the currency financial ecosystem.”
Silbert also reinforced the belief that in the long run, not all cryptocurrencies would survive, but Bitcoin would definitely be there at the end of the tunnel when the rest perish.