Dan Popescu: Grayscale’s Barry Silbert-Led #DropGold Campaign Run By A ‘Bitcoin Cartel’
The Barry Silbert-Led #DropGold Campaign Run by a ‘Bitcoin cartel’ – Dan Popescu
About a week ago when Grayscale Ventures launched the multi-million dollar marketing campaign dubbed ‘Drop Gold,’ no one would have possibly guessed the debate it would amass. The 39-second commercial depicting the convenience of Bitcoin in relations to Gold is expected to run on famous broadcast and cable networks for a year.
But at a time when the Bitcoin ecosystem is witnessing a spirited resurgence amid price fluctuations, this newest happening is making Gold investors wary. For a majority of them, the whole idea of presenting BTC as the future and Gold as the past hurts their prospects even further. And they understandably see the Barry Silbert-led initiative as another blow to the centuries-old gold business.
Gold Investors May Breathe A Sigh Of Relief!
The campaign which had amassed significant traction amongst the vast US investors has been blown out of proportion, barely a week after its much-publicized launch. Dan Popescu, a distinguished gold and forex analyst, is the latest public figure to throw shade at it.
Popescu, in a Tweet, rebuffed the news spread by who he termed as ‘bitcoin cartel’ saying that the demand for the precious metal is actually raising. According to him, the gold industry isn’t on its deathbed as supposed by the “dump gold” campaign.
Going to as far as claiming that in the wake of the 2008 crisis, many banks have been accumulating it in large quantities, he said that Gold isn’t going to be demonetized. The tweet also claimed that the demand for Gold has been rising since 2018.
The 2008 Global Crisis Could Have Led To The Creation Of BTC
Satoshi Nakamoto first released Bitcoin in 2009, a year after the infamous economic recession. To date, this supreme cryptocurrency stands to remind the world of how fragile the conventional fiat economy is. And that’s precisely one of the points at the heart of the Drop Gold campaign.
The initiative postulates that Bitcoin, being the future, is a faster and far much cheaper, as a medium of storing value, compared to Gold, which also is bulky. Barry Silbert, the face of the movement, had in the past said that it was time BTC overpowers Gold, even though the former has been around for just a decade.
The #DropGold organization, however, couldn’t have been more vocal in their statement. They claim that generational wealth worth about $68 trillion would be changing ownership over the next 25 years. The figure, according to the group, includes $48 trillion owned by Boomers, and they say a majority of it would be channeled to “uncorrelated assets” such as BTC.
Popescu Argues That Gold Still Has A Profound Importance In The Economy
But according to Popescu, much as Gold isn’t directly used in everyday transactions, its importance in the economy can’t go unnoticed. The Tweet further stated that it was during the financial crisis of 2008 that the influence of Gold in international settlements was felt, even though it had been sidelined. He also touched on Gold not losing its significance after 1971 when the global monetary system came into being.
Yet the movement is still on, even as Barry Silbert, appear amused by the ‘Bitcoin cartel’ phrase.