Bitcoin: ‘The next generation’s version of gold’, says DCG’s Barry Silbert

Gold is a $8-9 trillion asset class, and it’s a matter of time before bitcoin starts to capture a portion of that, Digital Currency Group CEO Barry Silbert said in an interview on CNBC Wednesday. 

Pointing to big name investors like Paul Tudor Jones, who in May famously said he was buying bitcoin, and later estimated that 1-2% of his assets were involved at the time, Silbert said when those kinds of investors get involved, it doesn’t take much to move the value when the current market for bitcoin is just a couple hundred billion dollars.

He also notes Marc Lasry and Chamath Palihapatiya have espoused the benefits of the alternative currency.

The comments come as the currency recently dipped below $10,000 as equities sold off Tuesday following a volatile end to the prior week’s market action. The digital currency is back above $10K in Wednesday’s trading.

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