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- Barry Silbert has been observed mocking the traditional Gold and its investors
- Barry signalled the precious metal as a shining rock
- Experts see Bitcoin as inversely proportional to Gold since its price began corrections
Barry Silbert is a cryptocurrency proponent who founded Grayscale, CoinDesk, TradeBlock and other crypto startups. Last week it was revealed that Silbert was found making bearish bets on Dogecoin. However, after going short on Dogecoin, it is observed that Silbert began to mock Gold. In a recent tweet, the crypto proponent was observed being sarcastic and considered traditional Gold a “shiny rock”. He asked for a place to buy some shiny rock (Gold) for a friend. Mainly, he was mocking gold investors and considering the precious metal as a piece of rock that shines.
Barry Silbert is known for screwing up the market
Dogecoin, a meme-based crypto coin’s hype, has been soaring in the cryptosphere since Elon Musk began to fuel the bubble. The coin had already given more than 1000% of returns to its advocates before Barry Silbert came. Last week after it was revealed that the billionaire was going short on DOGE, the price plunged.
This time when the billionaire was mocking the traditional Gold and its investors, many found criticizing him. Many of the Twitter users considered him to be the person behind screwing up the market. On the other side, few gold proponents were found claiming that Gold is a part of human DNA that cannot be replaced with bits and bytes.
Bitcoin or the traditional Gold?
Last year amid the global COVID-19 pandemic, several institutions found Bitcoin as a store of value and inflationary hedge. Since then, the bullish rally of the flagship cryptocurrency began. Simultaneously, at the time seeing the price movement, experts considered that BTC is directly proportional to Gold.
In mid-April, BTC achieved a new all-time high since then, because of the regulations and hype, the price began to plunge. In the current scenario, it was observed that the emerging asset class became inversely proportional to Gold. Where the price of Gold continued to soar, the price of BTC plunged by approximately 50%.
Following the scenario, Gold advocates began to appreciate the traditional asset. On the other side, after the plunge, the BTC price jumped back. And the cryptocurrency advocates began mocking the traditional assets investors.
