Greyscale Investments, a subsidiary of the Digital Currency Group, has begun an advertising campaign that may turn some heads. Called #DropGold, the provocative ad campaign aims to challenge common beliefs about the precious metal being a safe investment while making the case to invest in Bitcoin (BTC) instead.
The Digital Currency Group was launched in 2015 by Bitcoin tycoon and long-time blockchain believer Barry Silbert. The investment firm currently has over 140 businesses in its portfolio and was an early investor in companies such as Coinbase and Ripple.
‘Are You Living In The Past?’
The ad begins with a provocative first line: “Are you living in the past?” It goes on to illustrate the archaic absurdity of owning gold in our current, modern economy.
The ad campaign aims to make the public aware of gold’s flaws. Bitcoin (BTC), as an alternative, is touted as borderless, more secure, and in line with our current digital age.
Greyscale Investments claims that it has put multiple millions of dollars towards the campaign.
Gold has often been touted as the best hedge against financial crises. However, Silbert is hoping to change this assumption. “Bitcoin can be [that hedge] and also an investment in technology,” he told MarketWatch.
However, the ad campaign has taken heat from long-time goldbugs. The World Gold Council responded by saying that the most famous metal is “less volatile” than cryptocurrencies and currently enjoys a more liquid and established market.
As of late, Bitcoin has been outshining gold. Bitcoin is up over 40 percent this year with its competitor only up one percent. In the past 12 months, however, Bitcoin is still down around 50 percent — with gold having only lost three percent.
Silbert emphasizes that he is only making the case for Bitcoin, not for the entire cryptocurrency market. He still believes that “99 percent of cryptocurrencies are going to zero.”
Do you agree that Bitcoin is superior to gold in market utility and as a global store of value? Let us know your thoughts below.