Bitcoin [BTC]: Coin’s present-day price rise is different from 2017 rise, says Barry Silbert
Barry Silbert, Founder and CEO of Digital Currency Group, recently spoke about the rise of Bitcoin [BTC], during an interview with Yahoo Finance. The CEO also spoke about the things that changed over the past year and whether the cryptocurrency space would see multiple winners or if one coin will rule them all.
On the reason behind the hike, Silbert stated that the current market sentiment and technicals were “great”. He added that an 80 percent drop in value had happened earlier and that every time this happened, it was followed by the coin hitting record highs. Silbert also stated that there was a difference between the 2017 price rise and the current rise, which includes custodians, trading software, and compliance software. He further stated, “people are educated about the asset class. So, it’s different”.
The CEO also pointed out that in Q1 2019, 90 percent of the firm’s money was from institutional investors, adding that 90 percent of that went into their Bitcoin fund. He went on to state,
“Grayscale Investors […] the manager of Bitcoin trust, which is raised publicly simple GBTC […] We have 10 funds, so where the demand is coming from, its institutions now and its right now just Bitcoin.”
“I think what 2018 had was the unwinding of the ICO markets. You had all of the demand for ICOs one way and the projects that raised all the Bitcoin were trying to stay in business by selling the Bitcoins.”
This was followed by Silbert talking about whether Bitcoin would be the sole winner of the cryptocurrency space or whether there would be other coins as well. He stated that there would be a handful of winners based on a particular use-case, citing the example of Bitcoin for digital gold, ZCash, and Horizen for privacy, and Ethereum Classic for smart contracts.
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