30-09-2016
11:43 am
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SecondMarket Chief Barry Silbert Bullish on Bitcoin: Predicts Another Price Bubble




Barry Silbert
Barry Silbert, Source: Twitter

SecondMarket Chief Executive and founder of the Bitcoin Investment Trust Barry Silbert remains not surprisingly bullish on bitcoin and its price.

While many of us (me included) don’t pay attention to the price of bitcoin, it’s a huge talking point amongst enthusiasts and the suits on Wall Street — whether you like it or not.

And Silbert’s confident we’ll see another price bubble the likes of which we saw in 2013 which essentially made bitcoin a household name. In case you’re new to the community or your memory is equivalent to that of a goldfish, we had two major price spikes in 2013.

The first of which we encountered about a year ago in April, when the price surpassed $200, up from two digits. Later in the year in November, we saw the price exceed $1000, thanks to China’s loving embrace of the digital currency.

With the onslaught of not-so-good news (see Mt. Gox, and much more), the price has lately been, well, down. About 30 percent in the past month, according to Bitstamp data on Bitcoinity.

“I guarantee there will be another bitcoin price bubble,” Silbert was quoted as saying at the Inside Bitcoins Conference in New York City. That’s according to Bitcoin Owl‘s Ivan Raszl, who adds in a Reddit submission that millions of dollars are ready to be thrown in by Wall Street investors waiting for institutional infrastructure to come online.

While some of the chart-watchers see this as great news, others aren’t quite seeing the appeal of Silbert’s comments.

“[I]n competition for one of the stupidest things I have ever heard,” wrote a commenter in response. “Way to make bitcoin sound like a pyramid scheme. How about hoping for institutional investment so we can come to a stable price point?”

“I actually don’t really enjoy the term of ‘another Bitcoin price bubble.’ Seriously, do you just want another bubble that can pop? Or, do you want something to actually gain real value,” another added.

Whether or not Silbert is right, we’re in for an interesting ride. What do you think about Mr. Silbert’s comments?

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