Barry Silbert, Founder and CEO of the cryptocurrency venture capital firm Digital Currency Group, believes that the recent Bitcoin (BTC) rally to $8,000 signals a massive change in investor sentiment. Is the next Bitcoin bull run already here?
In an interview with Bloomberg aired May 16, 2019, Silbert reasoned that the crypto market has matured significantly since 2017 — thanks to increased institutional investment, the development of new infrastructure, increased awareness among the general public, and the approval of new regulations, among other factors.
As a result, Silbert believes that Bitcoin has the potential to continue rising over the coming weeks as common investors take notice and begin accumulating in droves.
For the uninitiated, the Digital Currency Group (DCG) has a partial or complete stake in multiple crypto and blockchain projects — including, most notably, Abra, Bitflyer, Bitpesa, Bitwala, Blockstream, and Ledger.
Digital Currency Group’s list of subsidiaries also includes Grayscale Investments, a digital currency focused asset management company based in New York City that offers ten funds in total that primarily cater to institutional investors. According to Silbert, 90 percent of investor capital since January has gone towards Bitcoin alone.
Barry Silbert: Invest in Bitcoin, Not Gold
Silbert went on to talk about Grayscale’s large-scale advertising campaign across the United States. Primarily targeting traditional gold investors on the retail and institutional front, the advertisement attempts to shed light on the utility of Bitcoin (BTC).
According to the CEO, gold and other precious metals have historical and cultural significance, but cannot compete with cryptocurrencies in terms of potential value and usefulness.
The advertisement, which was first previewed over two weeks ago, has recorded over a million views so far.
Bitcoin Bull Run: Positive Sentiment All Around?
The DCG Founder is not alone in his belief that the digital currency market has a bright future in 2019.
In a recent debate with CNBC’s Kevin O’Leary, Anthony Pompliano of Morgan Creek Digital Assets attributed rising prices to the looming Bitcoin (BTC) halvening, which is scheduled to take place sometime in May 2020. While miners currently earn 12.5 BTC from each block, that reward will be reduced to 6.25 BTC post-halvening.
This increased scarcity has historically led to a net increase in price.
Pompliano said that the ongoing US-China trade war might also be partially responsible for renewed investor confidence. Since Bitcoin is a non-sovereign currency, its value and utility are not affected by a particular country’s government or international politics.
Do you think Bitcoin (BTC) will go on to reach $10,000 soon? Let us know your thoughts on the next Bitcoin bull run in the comments below.