Cash And Gold Might Face Extinction – Investors Choose Digital Assets
The era of cash and gold might be coming to an end, according to the latest reports.
During a new podcast episode of Inside the ICE House that’s produced by Intercontinental Exchange, the host Josh King interviewed the Crypto King, Barry Silbert.
Dumping gold for crypto
The CEO of Digital Currency Group explained the reasons for which he believes the future game-changers are preparing to dump the gold for BTC and other cryptos.
The Daily Hodl reports that Silbert’s Grayscale Bitcoin Trust which allows everyday investors access to BTC managed to gain 192% in Q2 of 2019 and this means that it outperformed every other fund in the first half of the year.
Silbert is an early investor in BTC and he knows quite a lot about emerging technology.
He watched the most important crypto in the market rise and fall through more boom-and-bust cycles.
He now believes that the status of gold is steadily eroding.
Here’s what he said: “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.”
He continued and explained, “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.”
Five phases of BTC acceptance
The Daily Hodl reported that Silbert says there are five phases of Bitcoin acceptance.
- “Phase one – Dismissive
“That’s silly.” “It’s a Ponzi scheme.” “It’s rat poison.”
- Phase two – Skeptical
“It’s not going to work.”
- Phase three – Intellectually curious
“Why is Elon Musk excited about this? Why is Jack Dorsey excited about this?”
- Phase four – A believer
Write the check and invest.
- Phase five – An evangelist
Spreading the news about Bitcoin and why, if successful, it will be amazing for society.”
There have been a lot of moves this year that are taking BTC and altcoins on the right path towards acceptance and adoption.
Co-founder and CEO of Twitter and Square, Dorsey has been an advocate for Bitcoin since the early days. Having launched a crypto division of Square early this year (called Cash App - which helps newcomers buy Bitcoin), Dorsey is now making plans to lead the way to mass BTC adoption in Africa.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.