Gold Bugs Flinch as Grayscale Campaign Promotes Bitcoin
Bitcoin, not only smart money but where smart and powerful people are putting their time and money at.
“Cryptocurrency investment firm Grayscale is taking the bitcoin versus gold fight to TV, launching a multi-million dollar campaign that promotes bitcoin as a new and improved form of gold.
The tongue in cheek advert shows gold bullion being lugged through a bustling city to demonstrate the benefits of bitcoin as digital gold for the digital age. The campaign will run throughout this year on US broadcast and cable networks, as well as social media and streaming services. Barry Silbert, CEO at Grayscale, says the Drop Gold promotion achieved 100,000 views in the first 24 hours of its release. It also received a strong response from the gold community, who are questioning this attempt to usurp gold, a reliable safe-haven asset for thousands of years.
Referencing Nixon’s dropping of the gold standard in 1971, the Drop Gold website argues that we’re living in a digital world, a new financial era where bitcoin is displacing gold. The implication being that allocating funds to gold is an investment in the past, whereas bitcoin represents the future. In response, the World Gold Council — an organization comprised of representatives from leading gold mining companies — has published a blog post asserting gold’s investment pedigree.
The post, written by Adam Perlaky, Manager of Investment Research at the World Gold Council, concludes, ‘We continue to acknowledge the innovation taking place in the cryptocurrency and blockchain spaces and believe there will be a role for this technology in the future. However, it is clear that cryptocurrencies are not a replacement for gold and gold should remain a component in all investment portfolios.’ ”