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.
Crypto Startups Should Go All-In On Blockchain: Expert Opinon
“So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
“In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
Bitcoin Trader From India Takes His Life After Losing His Investment
“DySP [Deputy Superintendent of Police] had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu were demanding 11.575 bitcoins. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers are responsible for my act.”The brothers demanded more than double of the bitcoin they invested as compensation. At the current prices, 11 bitcoin is worth about $92,000. According to Patel’s wife Usha, the bitcoin trader from India tried to reason with the brothers and make them accept the payment in installments. However, they wanted cash. Both of the brothers were demanding interest on the payment but the suicide note did not reveal the rate. After the slump of the crypto prices, the suicide rate became a huge issue in the sector. There has been a number of deaths related to suicide after losing an investment made in bitcoin. This is not surprising since this happens in the traditional financial markets as well. Suicides tend to grow when the market crashes. According to research that we read in the best cryptocurrency news sites, about 6,000 suicides are linked to the market crash especially the one ten years ago.
Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
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