Founder of Digital Currency Group: I have cleared all my stocks in 2017 and will invest in BTC, ETC and ZEC

Barry Silbert, founder of Digital Currency Group (DCG), a Bitcoin investment fund that has invested in 19 major Bitcoin exchanges around the world, recently announced that he will no longer hold public stocks, fixed income or debt in 2017. Instead, he plans to focus on Bitcoin (BTC), Ethereum Classic (ETC) and Zcash (ZEC) to avoid the global financial crisis and economic instability.

Bitcoin’s momentum to break $1,000 has dramatically changed the mindset of some prominent investors and investment firms. The Federal Reserve’s rate hikes and the government’s increased regulation of traditional assets and value stores are driving up the price of Bitcoin as a global currency and safe-haven asset.

Former safe haven assets such as gold and silver are being seized, confiscated and restricted by countries such as China and India, which together account for half of the gold and silver markets. Emerging global economic instability and fears of reserve currency debasement are continuing to drive demand for Bitcoin and other cryptocurrencies.

Considering recent events and the current state of the global economy, it is reasonable and logical for prominent investors and traders like Barry to turn to holding assets or currencies that are not controlled by any institution. Assets like ETC and ZEC are also showing an upward trend in price, so they are also promising investments.

“I will be selling all public equities, fixed income or debt heading into 2017. I will have only cash, BTC, ETC and ZEC in my wallet. Bring it on! — Barry Silbert (@barrysilbert) December 30, 2016

Silbert previously mentioned that trading volumes at DCG-invested bitcoin exchanges are rising, a news that has helped bitcoin investors and users feel more confident about the digital currency’s performance in 2017.

Silbert said on social media:

“DCG has invested in 19 exchanges around the world, and the best part is we can see their monthly trading volume. And man, their trading volume is going up.”

Silbert made this statement because Bitso, a well-known Mexican Bitcoin exchange invested by DCG, saw a sharp increase in trading volume in December, exceeding the total of 2014 and 2015 in a single month. In other words, Bitso settled more Bitcoin transactions in December than in 2014 and 2015 combined.

BitFury, a well-known mining company and blockchain technology company, revealed that the demand for Bitcoin purchases from investment funds and well-known investors has reached 50,000 BTC, worth more than $45 million. And considering that direct sales usually include a premium, the Bitcoin offer BitFury received may be as high as $60 million.

BitFury Vice Chairman George Kikvadze firmly rejected the orders and stated that they have no plans to sell their Bitcoin in the future.

As the price of Bitcoin continues to rise in 2017, demand from investors, traders, and organizations will grow exponentially. Rapidly increasing demand will make mainstream investors aware of the benefits of investing in Bitcoin, which of course depends on Bitcoin being a global digital currency.