Bitcoin, because of its ability to be the world’s new digital currency, has often been portrayed as an alternative to fiat currency. Grayscale Investments, realizing that investors looking for stability might be eyeing another option, have now launched a campaign against gold investment.
Barry Silbert, founder and CEO of Digital Currency Group, the parent company of Grayscale, told MarketWatch, “It’s time for people to start having a conversation. There’s about to be a large sum of money passed down generations and investors need to question where it goes and how it should be allocated.”
To encourage Bitcoin investment, and discourage buying gold, his company has launched the site Drop Gold. The site has facts about gold investment and promotional material to inspire greater Bitcoin investment. “We’re living in a digital world, a new financial era where bitcoin is displacing gold,” the site says. “While a gold bar weighs around 25.7 pounds, bitcoin is weightless and can be bought, sold, and transferred as easily as a text message.”
The site makes plenty of convincing arguments for why gold is no longer a solid investment, especially when compared to Bitcoin. The scarcity of gold is unknown, it can be counterfeited, it’s harder to sell off, and can’t be used as a form of currency on its own. As the site says succinctly, “There’s no other way to put it: gold is overrated, outdated, and inflated.”
The site also makes the strong argument that propping up the value of gold is no longer necessary. In the past, world economies have tied their currency to its value, like the US did up until 1971. That ended when Richard Nixon ended the gold-standard, so fears that a selloff in gold will crash economies are unfounded.
Bitcoin on the other hand, and especially in the case of Bitcoin SV (BSV) is built to be a real currency, massively scaling to the needs of the world, and with all of the pros where gold fails.
The effort isn’t solely to promote Bitcoin, of course. Grayscale offers a product called Grayscale Bitcoin Trust (GBTC) in many brokerage agencies, and advertises it as a “exposure to bitcoin through a traditional investment vehicle.”
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