Barry Silbert Looks Forward to Selling BTC at $100k to Berkshire Hathaway

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In Brief
  • Silbert states that he will sell BTC to BErkshire Hathaway when it hits $100k.

  • The DCG CEO expects to sell some profits at 10,000x of his initial investment.

  • The comments come after Munger called bitcoin “disgusting”.

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CEO of Digital Currency Group (DCG) Barry Silbert has stated that he looks forward to selling BTC to Berkshire Hathaway once it hits $100,000.

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In a recent tweet, Silbert commented that he looks “forward to selling lots of bitcoin to Berkshire Hathaway at $100,000”. 

The tweet was in relation to recent comments made by Berkshire Hathaway Vice Chairman Charlie Munger. The 97-year old has recently called bitcoin “disgusting” while talking at the annual shareholder meeting. Munger along with business partner Warren Buffet have both been anti-bitcoin for years. 

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Furthermore Munger had stated that he “hates” the success of bitcoin. The company has yet to invest in the cryptocurrency that has seen huge gains in 2021. 

Silbert replied to Munger’s comments stating that he would sell lots of bitcoin to Berkshire Hathaway when it hits $100,000. 

When questioned by bitcoin maximalist Anthony Pompliano saying “You’re going to sell?”, Silbert replied “i’ll gladly sell a few sats to warren after i’ve made 10,000x on my initial BTC investment”. 

Bitcoin has seen huge growth in 2021. With a total market capitalization exploding, the cryptocurrency is now ranked ahead of Berkshire Hathaway. Bitcoin’s current market capitalization totals $1.05 trillion. While Berkshire Hathaway sits at $630 billion. 

More upside expected for BTC

Cryptocurrency analyst and stock-to-flow enthusiast, PlanB predicts that the current trajectory for bitcoin is $100,000. In a recent tweet, PlanB outlined that the current BTC stock-to-flow model is printing an orange dot. Something that is seen before BTC generally sees more upside. This indicates that BTC could go much higher in the future. 

Bitcoin has seen its price recover over the last week following a price drop to $47,000. Currently BTC has turned resistance into support at the $55,000 level as previously indicated by BiC. The level has now held and could likely see the bullish reversal continue to a new all-time high. 

Disclaimer

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

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