UTC-05:00,Tuesday , July 16th 2019
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Market's Low Recoveries And Upcoming Institutional Launches Are Key Catalysts For Bitcoin Boom: Grayscale CEO

06:59 Sunday , July 14th 2019
In a recent interview with the Intercontinental Exchange, Barry Silbert, the CEO of Grayscale Investments, talked about the micro and macro factors that led to the recent price hike. The Bitcoin billionaire right off the bat stated that the events in the space over the past couple of months acted as a sign that money was going digital. In his words: "Based on history, we can see that fiat currency tends to not exist into perpetuity after some time. The average life of fiat currency is 27 years if you take the past 500 years as the sample space. Usually, these currencies get deflated or are destroyed due to debates or wars. Now I know that Bitcoin will not be able to completely replace the Dollar or the Euro but it is certainly gaining a foothold in the financial ecosystem."
Silbert also took the examples of financial giants like JPMorgan and Goldman Sachs entering the crypto space as a positive sign. He was certain of the fact that the world will soon move into a non-fiat distributed decentralized form of money. According to the CEO, the current market movement of Bitcoin can be backtracked to its earlier lows. He said: "If you look at the history of Bitcoin, we notice that at the price drawdown the market got comfortable that the lows were in. Post this, it was just a matter of when the flows were coming back and once the price recovered you could see the increase in capital and a massive boost in excitement across the industry."
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