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Bitcoin [BTC] does everything that gold used to do, claims Grayscale Investments CEO

Akash Anand

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Bitcoin [BTC]: Grayscale CEO says 'Bitcoin does everything that gold used to do'
Source: Pixabay

Bitcoin’s [BTC] nature and advantages resulted in a lot of its proponents speaking for the world’s largest cryptocurrency. The latest luminary to speak on its behalf is Barry Silbert, Founder of Digital Currency Group and CEO of Grayscale Investments.

In a recent interview with Fox Business, the Bitcoin bull addressed the cryptocurrency’s performance and its characteristic similarities with gold. Silbert stated that Bitcoin tends to perform really well during periods of financial dislocation, like shifts in mainstream financial markets or any negative news hampering its developments. In his words,

“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.”

The Grayscale CEO was also asked if Bitcoin’s current position could be considered as a fall or if it was the start of another rise. To this, Silbert stated that over the course of the past couple of months, Bitcoin had gone from $500 to all-time highs, and then all-time lows to be on a path to recovery presently. According to him,



“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.”

During the interview, Silbert also touched upon the topic of “Why Bitcoin and not anything else?” The Digital Currency Group exec claimed that the reason why BTC stands out from the rest of the cryptocurrency market is that it is the first mover and has the biggest market cap, with the added advantage of having “a great community.”

Barry Silbert was also confident that only Bitcoin has the volume to become the sole leader of the cryptocurrency market, despite there being a lot of competition to win crypto.





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Bitcoin

Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand

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Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.



The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.





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