In a recent interview with Maria Bartiromo on Fox Business, CEO of Digital Currency Group and Grayscale Investments founder Barry Silbert intensified his #DropGold campaign.
Being one of the major proponents of Bitcoin, Silbert was asked to make a sales pitch. And, doing a hell of a job out of it, he provided useful insights into Bitcoin investments:
Firstly, though notably a far cry from the all-time high in December 2017, Bitcoin had gone through a series of price ups and downs, however, it had improved by 10% in just 24 hours before the interview, Silbert explained it as Bitcoin being able to perform really well in periods of financial dislocation – just like gold used to. He was of the opinion that any current economic indicators may have prompted the slight surge for Bitcoin – be it the news from China or the general technical bullish trends, nevertheless, the digital asset was doing well and signaled a better hedge than gold.
In his sales pitch, he noted the generation shift in investment choice, explaining how Bitcoin was a more preferred choice for the younger generation who have not allocated to gold. This further intensifies earlier reports about an increasing millennial trust in Bitcoin over traditional investment vehicles.
“Bitcoin is the younger generation’s version of gold, it has all the same characteristics – scarce, divisible, portable and has utility.”
Silbert’s overall assessment was that the Bitcoin community is creating an entirely new payment and financial rail network which could transform economies. He further implied that the fact that the likes of Fidelity, Facebook, Square, and the New York Stock Exchange (NYSE), were all getting involved in building an infrastructure for the new ecosystem, was an important landmark for the industry.
Grayscale’s recent #DropGold campaign was intended to be provocative to sway the older generations into trusting Bitcoin as a better investment over gold, noting how gold is heavy and expensive to store. Whereas, Bitcoin has some of the characteristics of gold such as being finite actually had more utility than gold and was ubiquitous given how mobile and digital technology have been globalized.
However, the world gold council (WGC) recently kicked back with a stern response to the DropGold initiative, expressly stating that cryptocurrencies are no replacement for gold, and citing gold as being less volatile, having a more liquid market, and a regulated market being the cherry at the top. Although Adam Perlaky, Manager of Investment Research at the WGC sees an overall promising future for cryptocurrencies and blockchain technology, however, he is of the opinion that they do not represent substitutes to gold.
A performance duel may have inadvertently been created from both extremes with the masses waiting to see which asset will prove true to their underlying concept of worth.
As for Bitcoin, the struggle to conquer the USD 6,000 price resistance level continues on as the overall outlook remain bullish. As at press time, the asset was trading above USD 6,000.
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