By CCN: Grayscale Investments is starting a movement urging all investors to drop gold and replace it with the better store-of-value, bitcoin. In a Monday morning Medium post, the digital asset management group announced its new #DropGold campaign. Beyond a catchy hashtag, the anti-gold campaign includes a website, upcoming debate, and a television ad push.
Their commercial makes a compelling argument.
3:00 PM - May 1, 2019
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BRANDING BITCOIN AS THE NEW DIGITAL GOLD
Grayscale is attempting to paint bitcoin as the improved, digital form of gold with its new campaign. The company argues that although gold is good, bitcoin is better. Grayscale isn’t alone in its thinking, either. Venture capitalist Lou Kerner believes bitcoin is already on its way to replace gold as the top store-of-value selection.
Interestingly, the two share many of the same properties of “good money.” They’re both scarce, durable, verifiable, and accepted across borders. Bitcoin, though, has quite a few advantages over its precious metal counterpart.
bitcoin vs gold chart
Bitcoin is the clear winner in comparison with gold. | Source: Drop Gold
You can easily divide bitcoin down to the eighth decimal place, a “satoshi,” giving it a property of divisibility. Gold, which is often in the form of a bar, doesn’t have this quality. Additionally, traveling with a cryptocurrency wallet is infinitely more plausible then lugging around a bunch of gold. Finally, verifying gold requires an expert with a keen eye while anyone can verify bitcoin on its public ledger.
You tell us which option is the superior choice.
GRAYSCALE CONTINUES TO PUSH
Grayscale’s sudden push to drop gold comes shortly after a year in which it brought in a record high volume of investments. But, the position isn’t anything new. In 2017, Grayscale’s Michael Sonnenshein appeared on CNBC to discuss how they see bitcoin as gold 2.0.