Millennials Next Financial Investors Going Crypto. What Does That Mean For Gold and Fiat?
The CEO of Digital Currency Group, Barry Silbert, clarifies his reasoning why the game changer’s of tomorrow are outfitting to dump gold for Bitcoin and other advanced resources.
Silbert's Grayscale Bitcoin Trust, which permits regular financial specialists access to BTC, increased 192% in the second quarter of 2019, surpassing all other funds for the first half of the year. As an early Bitcoin speculator, Silbert has a long-term outlook on the rising innovation of technology, having viewed cryptocurrency fluctuate aggressively through many bull and bear cycles. Presently, by checking the quickly thriving enthusiasm among institutional financial specialists, he accepts gold's status is firmly deteriorating.
The main concern and bottom line as to the state of gold is it’s clunky, bulky, inconvenient and not conducive to smartphones – not really a Millennial thing, who shop on Amazon, hail rides on Uber, search information on Google, make companions on Facebook, get together on Tinder, stream programs on Hulu, tune in to music on Spotify and track their pulses on a Fitbit.
Silbert is sure the appeal that gold did have will relinquish, right along with physical dollars. He states
“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. The average life of 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.”
Silbert says he doesn’t see Bitcoin replacing the US dollar in the short term, but he recognizes we are seeing a changing tide in places like Venezuela, Argentina and other countries with struggling economies where cryptocurrencies have certainly gained a place and paved the way for further development in these challenged economies.
“It’s clear that something other than the local fiat currency would have real demand and real appeal.”
Barry Silbert shares,
“I think what many gold investors don’t seem to appreciate is that the next generation of investors, the next generation of asset allocators, do not view gold the same way that our parents or grandparents did.”
“Over the next couple of decades, there’s an estimated $68 trillion of wealth that’s going to be handed down. That’s just in the US. That $68 trillion is going to be handed down from Baby boomers to Gen X and Gen Y and Millennials. I’m absolutely convinced that whatever of that $68 trillion is currently in gold, it’s not going to stay in gold. I’m not saying it’s going to Bitcoin but I know it’s not going to stay in gold. So if gold stops performing the way gold investors think it should in periods of high inflation or macro-economic dislocation, I think it’s game over. I think the next generation of investors is going to put their money elsewhere.”
While the 487,000 gold bars weighing in at 6,190 tons or around 12.4 million lbs the Federal Reserve Bank of New York holds for its clients such as the US government, foreign governments, central banks, and other institutions, it continues to decline. The growing number of bitcoin and cryptocurrency supporters declare crypto is a far superior way to store wealth. It’s portable, lightweight and traceable and not held by any conglomerate.
Over the last 10 years since the advent of Bitcoin, Society has gone through 5 different phases. First, there was denial, then skepticism, then an intellectual curiosity coming through to believing in the new currency and finally evolving into evangelists where cryptocurrency is seen for the greater good it can accomplish for the people en masse.
Necessity Is The Mother Of Invention
Necessity being the mother of invention has brought forth visionaries, architects and originators of technology to rise up with the purpose of benevolently wanting to see the world a better place. This is now proven as the unbanked and struggling countries experience a better economy, autonomy and financial freedom that was sorely lacking.
We’ve seen how our privacy has been invaded and free speech curtailed to the point where some lost their livelihood due to being deplatformed from the tech giants of social media. Free enterprise is diminished by the monopolies, and yet there are more people than ever trying to create a home-based business. Many of us strive for a better life for our families and endeavor to seek opportunities that the technology of today can bring. But who do you trust? Is there a place of integrity where the entrepreneurial mindset is revered, not just for the elite or professional, but for the little guy and gal looking to free themselves from the tyrannical pressures? Yes, there is. Read on…
Markethive – A Step Ahead Of The Rest
Markethive and its creator Thomas Prendergast envisioned what has come to pass is the balkanization and autocratic style and behavior of the very influential tech giants that have monopolized the social media and marketing space since the early noughties. What may have been good intentions is becoming a disaster for humanity on every level.
CEO and Founder of Markethive Thomas Prendergast says,
“Markethive is a philanthropic endeavor. To give, not take. To help not exploit. Markethive is a safe, secure, generous, unique and simply the most powerful marketing social network an Entrepreneur could have. Markethive is an easily understood, gamified, monetized and incentivized to bring the connection back to humanity to really help share and grow each other. We have a culture and a system whereby all users are rewarded for their activity instead of being stripped of everything we do by the social media monopolies for their own gain. The Markethive platform can be utilized by everyone.”
Markethive is the first Social Market Network to be built on the Blockchain. What that means your privacy is ensured, freedom of speech and autonomy is paramount. Markethive has listed its coin (MHV) on an exchange while still in beta until its own exchange and wallet is implemented.
When I asked what impact will this coin have and how is it utilized for the benefit of all in the Markethive Ecosystem, this is what Thomas had to say,
“The Markethive coin will not be dependent upon speculative value as is the case with other cryptocurrencies and platforms, thereby creating eternal economic velocity in the entrepreneur ecosystem within Markethive. This is a fundamental difference to the other systems currently out there today. The Markethive system has been developed to produce revenue in the traditional sense with the added benefits of the blockchain taking it to the next level.”
He went on to say,
“The Markethive Coin is a Consumer coin, is being utilized within the Markethive exchange by way of airdrops and the faucet system which rewards associates using the platform, so the coin is used within the commerce of the system thus creating the velocity. The Revenue is a vehicle that is used to buy the Markethive coin back in the free market so it can be redistributed into the economic vortex of the system. Once the Markethive Exchange and wallet are introduced that will allow Markethive Members to convert their coins to a number of strong cryptocurrencies including Bitcoin and fiat. So now is a perfect time to accumulate your coins”
Thomas concluded by saying,
“My vision is to empower and bring prosperity to every living soul with a purpose. Even if that purpose is only to be free from the shackles of the Social Media tyranny we all face. This is a new era with the evolution of technology. It is the next generation.”
“Markethive will be huge. We got things rolling years ahead of others”
People are now flocking to Markethive. They see what this system is capable of and how they can benefit. Even though Markethive is still in Beta, the Inbound Marketing tools that are forever free, by the way, are operational and the social entrepreneurial culture is alive and well. The launch is set for the 4th quarter of 2019 after 4 years of implementing the Blockchain and perfecting this state of the art system. This is the next generation of all things Social Media and Market Network.
Market Manager for Markethive, a global Market Network, and Writer for the Crypto/Blockchain Industry. Also a strong advocate for technology, progress, and freedom of speech. I embrace "Change" with a passion and my purpose in life is to help people understand, accept and move forward with enthusiasm to achieve their goals.
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