Grayscale to Release New “Drop Gold, Buy Bitcoin” Ad as BTC vs Precious Metal Store of Value Debate Continues
The second controversial “Drop Gold, Buy Bitcoin” ad is along the way. Banking on the success of the first one, Grayscale Investment’s CEO, Barry Silbert, has announced that they are currently working on it.
The first ad was quite funny, although it was equally controversial. And even though it was eventually shot down after rubbing those who believe in gold over Bitcoin the wrong way, it had gone viral almost immediately.
The Second “Dropgold” ad already got the nod
Tweeting about it on Tuesday, Barry Silbert, who also heads Digital Currency Group (DCG), said that work on the second ad was already underway. He said that the ad had already been given the go-ahead.
However, he sarcastically tagged World Gold Council, a London-based market development company that’s highly respected in the global gold industry, in the tweet.
Despite drawing lots of reactions, the ad series hasn’t appealed to every crypto enthusiast. Many on Twitter have bashed Grayscale Investment, saying that their ads are unfairly using gold to promote Bitcoin.
Gold has long held a profound part in preserving value. Its reputation of storing value, or more specifically, hedging against fiat’s susceptibility to inflation, still gives gold the respect it commands.
But the battle between gold and Bitcoin stems out of the notion that BTC is a digital version of gold. Many refer to it as digital gold, especially because it came into prominence in the wake of the infamous 2008 financial crisis. Bizarrely, the two demonstrate fewer similarities and look a lot like they serve different purposes. Further, the last 30 days has seen them embroiled in the Sino-US trade war card.
Grayscale Bitcoin Trust is Ruling the Markets
Grayscale Investment’s Grayscale Bitcoin Trust (GBTC), meanwhile, seems to be flying high. Over the second quarter of 2019, it has registered an incredible 190% gain, according to data from Morningstar.
Gold, on the other hand, hasn’t been doing well in the markets. Gold futures gained a paltry 9% even as the S&P 500 index added 3.8% during the same period.
Clearly, with such massive gains, GBTC now is the best performer among all funds and investment instruments. In fact, no one financial investments fund, both in Gold and Bitcoin, has so far outperformed GBTC since the start of the year.
Grayscale Investment is the biggest crypto asset manager across the world. Besides Bitcoin, the platform also has investments in Ethereum, Litecoin, Bitcoin Cash, Stellar, Ripple, Ethereum Classic and ZCash. The firm’s current net worth stands at $2.7 billion, although this will most definitely shoot once they release the second “Drop Gold, Buy Bitcoin” ad.