Grayscale’s Barry Silbert Gives Fox Business’ “Mornings with Maria” Viewers A Bitcoin Crash Course
Recently, Barry Silbert of Grayscale investments sat for an interview with Maria Bartiromo on her show “Mornings with Maria” on Fox Business. To give a context to the interview, Grayscale investments has launched a campaign to #DropGold.
The main website being used, DropGold.com, was officially launched on last Wednesday, and the firm plans to publish video advertisements for their campaign on social media, Hulu, and other platforms. They are aiming for investors to learn about how ridiculous the use of gold is as a store of value, and that being provocative was the point of the widespread campaign in the first place.
Based on their research with economic simulations, even redistribution of 5% of a gold portfolio into a Bitcoin investment would result in a 5% increase in the annual return, rather than keeping only gold. As a part of the campaign and to spread the same message, Barry had the Bitcoin vs Gold debate on TV.
— Maria Bartiromo (@MariaBartiromo) May 7, 2019
Maria asks Barry for a sales pitch for Bitcoin to which he replies:
“Bitcoin is the younger generation’s version of gold. It has all the same characteristics as gold. It’s scarce…divisible…portable. But it actually has real utility. The bitcoin community is creating an entirely new payment and financial rail network that I think is going to transform the financial markets.”
They shift the conversation towards the volatility of Bitcoin. Gold has always provided a hedge to risks while Bitcoin has been very volatile. Maria even asks him why his company is looking t:
“Challenge a $1 trillion institution, encouraging people to drop gold from their portfolios in favor of bitcoin.” Barry had an answer ready.
“There’s $8 trillion of gold held today. What’s interesting is that the younger generation of investors, the people who have not yet allocated it to gold, don’t view gold as the same way as our parents or grandparents did. We grew up after the gold standard. So, the biggest buyers of gold right now…are central banks.”
Most of us generally talk about Bitcoin’s near term future, however, in this interview they talk about the future of the cryptocurrency in 20 years. They say:
“It’s going to displace gold as the store of value investment that goes into portfolios. But really, more importantly, there’s an amazing innovation that’s happening right now. Thousands of companies have been funded, $5 billion have been raised into companies over the past five years that are building infra to make it really, really easy to get on and off the cryptocurrency superhighway. And once you have access to digital money, the sky’s the limit.”