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Bitcoin trading is not for the faint of heart – Barry Silbert

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Digital Currency Group CEO Barry Silbert on acquiring Luno

Bitcoin trading is not for the faint of heart - Barry Silbert

Bitcoin trading is not for the faint of heart – Barry Silbert
CONTENT

  • Digital Currency Group (DCG) shells out again

  • Parent company Grayscale Investments acquires cryptocurrency exchange Luno

  • The head of the company Barry Silbert noted that most bitcoin companies showed fantastic growth during the pandemic

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Digital Currency Group (DCG) is once again strengthening its position in the bitcoin market. Parent company Grayscale Investments has announced that it is acquiring London-based cryptocurrency exchange Luno, which focuses on emerging and frontier markets where Bitcoin is the leader.

DCG and Luno have been partnered for quite some time, as a blockchain venture investor first supported the Bitcoin exchange six years ago with an initial investment. Following this transaction, DCG’s subsidiaries have reached five as the company continues to expand its market presence and influence. As of Q2 2020, DCG’s subsidiary Grayscale has assets worth $ 4 billion.

Cryptomania

DCG CEO Barry Silbert was invited to CNBC’s Squawk Box, where he shared how the COVID-19 pandemic has helped accelerate Bitcoin adoption worldwide as investors need a store of value..

Bitcoin trading is not for the faint of heart - Barry Silbert

“This year, most companies in the bitcoin space are showing fantastic growth … Perhaps bitcoin is one of the best, if not the most efficient asset this year..

“We look at bitcoin as the next generation’s version of gold,” says @barrysilbert. “Over time bitcoin is going to capture a larger, larger portions of that asset class.” pic.twitter.com/4cqe6UsAnM

– Squawk Box (@SquawkCNBC) September 9, 2020

Since the start of the pandemic, the Luno exchange has grown at a rapid pace, as evidenced by record growth in transaction volume, revenue and customers. In addition to London, Luno also has hubs in Singapore and Cape Town, and the deal will benefit from DCG’s global presence..

Barry promotes bitcoin

During the global economic turmoil, investors turned their attention to Bitcoin amid strong expansion of monetary stimulus, sharp fluctuations in stock markets and declining yields. But bitcoin also did not escape the fall.

The price of BTC plummeted from a recent high of more than $ 12,000 to below $ 10,000 in an instant and is now hovering around $ 10,250. Of course, similar volatility was noticed in the traditional financial world, but in response, Silbert said:

“Bitcoin trading is not for the faint of heart. The recessions are getting worse, and so are the ups. But since the beginning of this year, Bitcoin has been acting as a diversifier, as an asset that … this year has grown by about 40% “.

Despite the volatility of BTC, the fundamentals of the Bitcoin network remain unchanged.

Unfazed by $ BTC’s price swings, the number of network addresses holding at least 1 BTC has shown a continuous growth over the years.

The number of "wholecoiner" addresses hit another ATH yesterday, closing the day above 823k for the first time. # Bitcoinhttps: //t.co/RENZprdE5Q pic.twitter.com/9zPb2GV9HL

Bitcoin trading is not for the faint of heart - Barry Silbert

– glassnode (@glassnode) September 9, 2020

Silbert touts Bitcoin as “next generation gold,” highlighting the trillion dollar market size of the precious metal and predicting that digital gold will continue to take over. DCG is doing everything it can to make this happen: most recently, it tried to gain attention with an ad campaign on the largest cable networks – CNBC, MSNBC, Fox and Fox Business – to ensure the massive distribution of cryptocurrency..

So which country should @lunomoney expand to next?

– Barry Silbert (@BarrySilbert) September 9, 2020

On his Twitter account, Silbert asked which region Luno should now go to. Subscribers named Latin America, Southeast Asia, and other regions.

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