Digital Currency Group CEO Barry Silbert Discusses Bitcoin Going Mainstream On A Podcast
Barry Silbert, founder, and CEO of Digital Currency Group recently sat down for an interview with the Intercontinental exchange for the 114th episode of their podcast. The description of the podcast states.
“DCG has invested in over 140 companies that Barry believes will help usher in the future of digital assets. He shares how he found crypto, where space is headed, and why he thinks digital assets will cause millennials to #DumpGold for bitcoin as the hedge of that generation.”
As stated above, the talk that lasted for about an hour talked mostly about the long-lasting rivalry of Gold and Bitcoin. Gold might be the oldest store of value recognizable all over the world but when it comes to portability and unconficatability, Bitcoin is the clear winner. These are some of the biggest strengths of the digital asset, apart from scarcity and being verifiable, according to experts makes the digital gold better at being gold than the yellow metal itself.
Silbert who is also the CEO of Grayscale and the initiator of the #Dropgold campaign said the cryptocurrency industry is set to displace all forms of competition and Bitcoin is set to replace gold and as a store of value and institutions are investing heavily in it. Bitcoin will be regarded as flourishing in Silbert’s book if it only brings down the $8 trillion gold market. This is why he is very aggressive about the #Dropgold campaign which has made laudable progress so far.
He thinks that the institutional involvement in the crypto ecosystem is a huge win.
“If you look at the history of Bitcoin, we notice that at the price drawdown the market got comfortable that the lows were in. Post this, it was just a matter of when the flows were coming back and once the price recovered you could see the increase in capital and a massive boost in excitement across the industry.”
He acknowledges the fact that even though Bitcoin won’t be able to completely overthrow Dollar or the Euro, however, he says that they can be serious competitors in the long run, stating:
“Based on history, we can see that fiat currency tends to not exist into perpetuity after some time. The average life of fiat currency is 27 years if you take the past 500 years as the sample space. Usually, these currencies get deflated or are destroyed due to debates or wars. Now I know that Bitcoin will not be able to completely replace the Dollar or the Euro but it is certainly gaining a foothold in the financial ecosystem.”
Barry perfectly summed up the 5 stages of acceptance for Bitcoin which can be listened here.