Digital Currency Group and Grayscale Investments Chief Executive Officer (CEO) and founder, Barry Silbert has made an interesting prediction about Bitcoin’s bull run saying he believes it will be much stronger than that of 2017.
Silbert who spoke optimistically about this on Bloomberg is confident that the current pullback should be expected and will not disrupt the normal flow of the rally. Bitcoin is currently still struggling to reach its recent glory of $8,000 but regardless, analysts say that with the kind of surge that rocked the market, some correction is not far-fetched.
Silbert on the Difference Between Previous and Current Bull Runs
Barry Silbert believes that the entire market and framework currently available is a lot more effective and efficient with a lot more properly enlightened people making market decisions.
According to him,
“The difference between this increase in price versus the bubble in 2017 is the infrastructure is much different. You have custodians now, compliance software, trading software. People are more educated about the asset class. This time it’s different,”
Another difference he mentioned is that all the technical analysis still points to a bullish future despite current pullbacks. History also favors the current behavior of the asset. Explaining this, he said:
“80% draw down in price happened what three or four times before. Every time that happens… record highs.”
Bitcoin Over Gold
Silbert’s Grayscale Investments recently embarked a national campaign with the release of an ad which was focused on convincing people that a Bitcoin investment is much more better to use funds than gold. Surprisingly, he also admitted that through the ad, the firm is pursuing a much younger audience who are going to be receiving some family bequest, hoping to convince them to consider investing in Bitcoin above anything else.
“For the younger generation, money is digital…$68 trillion in wealth being handed down over the next 25 years”.
Silbert hopes that starting a conversation about Bitcoin and hopefully getting millennials to start thinking about it will most likely make sure they do as he hopes, by the time they are ready to make investments of their own.