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?

  • Vinnigar

    I think if Barry Silbert says its going to happen, then Its pretty much going to happen!

    • Aliice

      Yes Barry is the sole decider of the fate of bitcoin? My bets are it is going to tank and soon.

  • Aliice

    ha ha ha…what a joke. Bitcoin is on the nose for good reasons.
    Despite the bullshit Wall street biased mainstream media…the average person isnt hunting it (bitcoin) down to own. What does that tell you? A few are pumping and dumping and the majority of small bitcoin owners get fleeced unless they can their timing in line with the 1% who own it?
    Come on….the minority who own it are bullish and the majority are idiots.

    • Mattfishy

      Lol. I just looked through your last posts. Ur a miserable old bat aren’t you.

      There’s a lot to be optimistic about with bitcoin, but there’s a lot of uncertainty. There are always going to be bubbles. Whether or not it survives long term, doesn’t change the fact that right now, it’s an interesting investment.

      One thing I have found in the bitcoin community, is that the more people seem to know on the topic, the more bullish they are.

      • Aliice

        The bitcoin community of criminals and tax evaders you mean?

        • I’m not a tax evader or criminal and I own Bitcoin. What say you? I could say the same about fiat dollars. The 1% who own the most dollars are tax evaders and criminals. And I would be completely correct with that statement….fortunately the world is not as black and white as you portray it to be.

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