Barry Silbert on capital markets

Recorded live at Medici LA 26 and released as a special episode, David and Sean sit down with Barry Silbert, founder and CEO of Digital Currency Group (DCG), to discuss his journey from discovering Bitcoin in 2011 to building one of the most influential companies in digital assets. Barry reflects on the early days of Bitcoin, the creation of Grayscale and GBTC, the maturation of institutional digital asset investing, and the regulatory milestones that helped pave the way for Bitcoin ETFs. The conversation also explores the future of tokenization, the convergence of public and private markets, Bitcoin mining economics, financial privacy through Zcash, and why Barry believes decentralized AI networks like Bittensor represent the next major frontier for crypto innovation. View the Full Level Up Podcast Disclaimer Here: https://level-up-podcast-disclaimer.s... Key Points From This Episode: [00:00:00] Barry’s vision for a blockchain-based financial system [00:01:27] Discovering Bitcoin in 2011 and meeting early pioneers [00:03:22] Buying Bitcoin under $10 and investing in blockchain infrastructure [00:04:50] The origins of GBTC, Grayscale, and Digital Currency Group [00:06:58] Institutional adoption and the evolution of crypto investing [00:08:08] Why Bitcoin is becoming a permanent asset class [00:09:30] Barry’s perspective on quantum computing risks for Bitcoin [00:10:56] Grayscale’s legal battle with the SEC and Bitcoin ETFs [00:11:28] Capital formation, tokenization, and regulatory progress [00:13:00] Why public and private markets may eventually merge [00:14:09] Foundry, Bitcoin mining, and the impact of AI infrastructure demand [00:15:03] The changing economics of Bitcoin mining [00:16:03] Why DCG is investing in Zcash mining through Fortitude [00:17:46] Barry’s investment thesis for Zcash and financial privacy [00:20:58] Comparing Zcash and Monero [00:24:21] Zcash adoption, market opportunity, and long-term outlook [00:26:41] Introduction to Bittensor (TAO) and decentralized AI networks [00:27:33] How Bittensor’s subnet ecosystem creates incentives for innovation [00:29:14] Privacy infrastructure, regulation, and institutional adoption [00:31:17] How DCG evaluates investment opportunities and emerging trends [00:32:25] Why financial privacy and blockchain-AI convergence matter [00:33:35] Investing across the Bittensor ecosystem [00:34:46] Building DCG with a long-term investment horizon Links: The Medici Network: https://www.medici.network/ Podcast Site: https://levelup.medici.network/ Digital Currency Group (DCG): https://dcg.co/ Interested in being a Guest? Connect with Elmira on X: https://x.com/elmira_yilham Co-Hosts David Grider, Finality Capital - https://x.com/David_Grid Sean Farrell, Fundstrat Global Advisors - https://x.com/SeanMFarrell Guest Barry Silbert, DCG LinkedIn -   / barrysilbert   X - https://x.com/BarrySilbert Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/