The world literally seems to be torn in their stance towards cryptocurrency and digital assets today. Just a day after the Bank of England’s dismissal of cryptocurrencies which they called an unstable store of value, Barry Silbert, the CEO of American digital asset investment and management firm, Grayscale Investments has called Bitcoin as “the store-of-value for our digital age.” Silbert believes that there has been a shift in the investment attitude of our generation owing to which he has announced “Drop Gold,” a Bitcoin centered ad campaign that seeks to promote Bitcoin as a better alternative to Gold.
Drop Gold, Buy Bitcoin
The “Drop Gold” campaign is set to be launched at a national level and would be promoted both digitally and on television. The key idea behind the campaign is to depict gold as a redundant investment alternative as compared to the currency of today – Bitcoin, which is much safer to invest in, brings quick returns and is efficient. To give an edge to its initiative the company has also created a dedicated website to educate the general public about the nuances of bitcoin and digital asset investment.
Grayscale, along with advocating Bitcoin as an investment alternative, is also promoting Bitcoin Investment Trust, its public investment platform that was launched in 2015. With the campaign, Silbert hopes to target the younger generation of investors, which is the campaign’s key demographic and also replace gold as the most popular form of investment. According to him:
“The gold industry has done a fantastic job of marketing an overpriced metal, but Bitcoin has superior physical properties and market utility.”
Is Grayscale on the Right Track?
No matter the hostilities, the world, on some levels, seems to be warming up to cryptocurrencies and Silbert’s views are not wholly unfounded. In fact, according to data released by Blockchain Capital, a US-based venture capital firm, 11% of the American populace has invested in Bitcoin.