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


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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