Barry Silbert: where Bitcoin is now relative to 2017 is "night and day"

23 May, 2019 | Updated: 23 May, 2019
by Richard Allen
Barry Silbert: where Bitcoin is now relative to 2017 is night and day

Barry Silbert, CEO of Digital Currency Group, recently sat down to discuss Bitcoin on Fortune’s Balancing the Ledger show. The chief executive explains why he’s excited about this year’s bull run and what separates it from 2017's.

Speaking about Bitcoin’s surge, Silbert explains that by looking at Bitcoin’s price performance over the last 5-7 years it goes through patterns where it goes up, reaches new highs and then crashes 60-80%. He adds that at least four times, Bitcoin has hit record highs.

However, he says where we are today compared to before the 2017 bubble “is night and day” for several reasons. He cites custody providers, trading infrastructure, compliance offerings, awareness, as well as a host of new on and off ramps like Bakkt and Fidelity.

“It’s really just a matter of how quickly the retail and institutional money will come to the space,” Silbert said. “What we see behind the scenes are people starting to open up their checkbooks.”  

He continues, stating that one of DCG’s subsidiaries, Grayscale Investments recently published its Q1 2019 report which revealed the majority of money coming into Grayscale came from institutional investors, with 99% of the money flowing into Bitcoin.

Silbert also makes note of Bitcoin’s price performance relative to the trade war between the US and China. “The price started its accelerated move up right when the trade discussions broke down,” suggesting Bitcoin performs as a non-correlated asset.

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