The latest Bitcoin news give us the insights from one of the world’s most prominent cryptocurrency investor who managed to throw even more weight behind Bitcoin, claiming that virtually all other cryptocurrencies will die a painful death.
Barry Silbert who is the CEO of Digital Currency Group and Grayscale Investments, recently said that the flagship cryptocurrency has already won the race towards becoming digital gold. As he told CNBC in a phone interview, he first bought Bitcoin at $10.
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero… As far as I’m concerned bitcoin has won the race to be digital gold.”
So, is this the motive millennials need to go all-in on Bitcoin?
The truth is, Silbert believes that majority of the (2,000+ present) cryptocurrencies are practically worthless. The ICO boom of 2017 threw shade at most of them, proving that the majority of these coins had no workable product or roadmap. Many of them were also plagiarized or scams.
“Almost every ICO was just an attempt to raise money but there was no use for the underlying token… The vast majority of what’s out there will be eliminated,” Silbert said.
Silbert, who was worth more than $400 million during the peak months of crypto, said that Bitcoin’s unique feature is its ability to completely replace gold as a store of value.
Got a new paperweight. Pretty much the only thing gold is good for nowadays pic.twitter.com/2uwIfz2MpC
— Barry Silbert (@barrysilbert) February 7, 2019
While on the phone with CNBC, Silbert said that gold’s dominance will disappear when young millennial investors replace baby boomers – linking their savings to Bitcoin.
“I’m convinced that whatever money is in gold is not going to stay in gold,” Silbert said. “That gets handed down to millennials – I’m highly confident a lot of that will go into bitcoin,” Silbert concluded.
So, is it time to forget about the altcoin market and go all-in on Bitcoin?
We let you be the judge.