In a new podcast episode of Inside the ICE House produced by Intercontinental Exchange, host Josh King interviews the ‘Crypto King’ Barry Silbert.
The CEO of Digital Currency Group explains why he believes tomorrow’s game changers are gearing up to dump gold for Bitcoin and other digital assets.
Silbert’s Grayscale Bitcoin Trust, which allows everyday investors access to BTC, gained 192% in the second quarter of 2019, outperforming every other fund in the first half of the year. As an early Bitcoin investor, Silbert has a long-range view on the emerging technology, having watched the digital asset rise and fall through multiple boom-and-bust cycles. Now, by gauging the rapidly flourishing interest among institutional investors, he believes gold’s status is steadily eroding.
Bottom line: It’s bulky, clunky and not smartphone-friendly – not a great match for Millennials who shop on Amazon, hail rides on Uber, search data on Google, make friends on Facebook, meet up on Tinder, stream shows on Hulu, listen to music on Spotify and track their heart rates on a Fitbit.
Silbert is certain the allure of gold will come to an end, right along with physical dollars.
“It’s clear that money is going digital, and it’s clear that in the future, physical cash is going to go away. And it’s also clear based on history that fiat currency tends to not exist into perpetuity. The average life of a fiat currency over the past 500 hundred is 27 years. So what that means is, on average, in 27 years, a government will destroy their currency or devalue their currency, typically through debasement or through war.”
Silbert says he doesn’t see Bitcoin replacing the US dollar anytime soon but he says a changing tide in places like Venezuela,