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"Why did you invest in gold? Do you live in the past? "
Thus begins a new advertisement on national television that urges investors to get rid of gold and invest instead in bitcoins. "You see where things are going," says the voiceover. "Digital currencies such as bitcoin are the future."
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Advertising comes from Grayscale Investments, cryptographic investment company behind Grayscale Bitcoin Trust (GBTC), up 66% this year. Grayscale Manages $ 1 Billion Assets and Offers Similar Offers & nbsp;investment vehicles& nbsp; linked to Bitcoin Cash, Litecoin, Ethereum, Zcash and others. "data-reactid =" 33 "> This announcement comes from Grayscale Investments, the crypto investment company originally from Grayscale Bitcoin Trust (GBTC), a publicly traded company, up 66% this year, Grayscale manages $ 1 billion in assets and offers similar investment vehicles, including cash in bitcoins, litecoins, ethereum, Zcash and others.
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The parent company of Grayscale is Digital Currency Group, the most Crypto's largest venture capital fund in the world.CDG owns Grayscale, Genesis Trading and CoinDesk's new bitcoin site, and a & nbsp;invested in more than 145 cryptocurrency startups, including & nbsp;Coinbase& nbsp;Ripple& nbsp;Coinlist& nbsp;Circleand laboratory protocols. Barry Silbert, who founded the SecondMarket trading platform and sold it to Nasdaq in 2015, is the founder and CEO of DCG and Grayscale. "Data-reactid =" 34 "> Grayscale's parent company is Digital Currency Group, the largest DCG crypto venture capital fund owned by Grayscale, Genesis Trading and Bitcoin's CoinDesk news site, and has invested in more than 145 startups Cryptocurrencies including Coinbase, Ripple, Coinlist, Circle and Protocol Labs and Barry Silbert, founder of the SecondMarket trading platform sold at Nasdaq in 2015, is the founder and CEO of DCG and Grayscale.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Even if television advertising ends with advertising in levels Silbert tells Bitcoin Trust: "We do not consider this a grayscale advertisement. For us, & nbsp;#DropGold& nbsp; is our "Got Milk". This campaign is primarily focused on launching a conversation about bitcoin versus gold. If advertising makes people want to go into bitcoin, we are completely indifferent to how they do it. "" Data-reactid = "35"> Even though TV advertising eventually advertises Bitcoin Trust in grayscale, says Silbert, "We do not see it as grayscale advertising. DropGold is our "Got Milk." This campaign is primarily focused on launching a bitcoin conversation against gold.If the announcement makes people want to get into bitcoin, we are completely indifferent to the way they do it. "
Silbert sees in the campaign a goal that everyone in the cryptocurrency sector should rally, a form of "rising tide lifts all boats". Yet the ad ends with the narrator saying, "Go digital. Go in grayscale. "
The announcement will begin being broadcast nationally on linear cable and business networking networks starting next week, as well as on OTT streaming video platforms such as Hulu.
A shot of the television commercial "Drop Gold" of Grayscale
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Why set it as bitcoin vs gold?"data-reactid =" 58 ">Why set it as bitcoin vs gold?
Grayscale's announcement may leave viewers wondering: Why use bitcoin as an alternative to gold? Gold is a physical commodity with hundreds of years of history; Bitcoin is a digital currency created in 2009 that few Americans understand.
Silbert says it's a response to the long-standing gold framing as an investment class. "The gold industry is very motivated by the fact that gold is the only and the best store of value in times of economic uncertainty," he says. "It may be true. But now you have bitcoin, which, in our opinion, provides the same attributes as gold – it's fungible and rare and you can not counterfeit it – but the big difference is that bitcoin is really useful. Gold does not have much use outside jewelry. And gold does not have accessibility. Anyone with access to the Internet can access Bitcoin. So what bitcoin lacks in history, it largely offsets utility and accessibility. "
Of course, very few traditional retailers accept bitcoin as a means of payment. But using Bitcoin to pay for goods is not what Silbert means by utility.
"We're not going to buy your coffee with Bitcoin," he says. "We say that bitcoin is better at doing gold work than this one in the last few decades. We think that in the long run, bitcoin will be a better store of value than gold. "
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The case of "store of value""data-reactid =" 63 ">The case of "store of value"
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This argument may not have much weight with bitcoin cryptographic reviews is indeed up 113% over the past two years, while gold only increases by 2.5% during this period Bitcoin loyalists also want to emphasize how much the coin is up over a much longer period: 1,130% over the last five years, but the "value pool" argument has not been as convincing for Bitcoin in 2018, when a & nbsp;dropped more than 70%& nbsp; value. "data-reactid =" 64 "> This argument may not carry much weight for crypto-critics Bitcoin has indeed gained 113% in the last two years, while gold has not increased than 2.5% at that time Believers in Bitcoin I would also like to point out how much the coin is up over a much longer period: 1 130% over the past five years.But the argument The "store of value" was not as convincing for Bitcoin in 2018, when it had fallen to over 70% in value.
Silbert recognizes that the volatility of Bitcoin has affected traditional investors. But he is convinced that bitcoins will prove to be a store of value and considers that this use case – and not its use as a daily currency, and not even the high-profile applications of the underlying blockchain technology – is the main way to integrate it into society.
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