Grayscale once again launches anti-gold ads, encouraging investors to allocate gold reserves to Bitcoin

Grayscale once again launched anti-gold ads, encouraging investors to allocate gold reserves to BitcoinNew

Summary: Barry Silbert, CEO of digital asset management company Grayscale, tweeted on Tuesday that after the price of Bitcoin climbed to an all-time high, Grayscale's anti-gold advertisement "DropGold" will be run again on all major U.S. online media starting today.

Barry Silbert, CEO of digital asset management company Grayscale, tweeted on Tuesday that after the price of Bitcoin climbed to an all-time high, Grayscale's anti-gold advertisement "DropGold" will be running again on all major online media in the United States starting today.

“In a digital world, gold shouldn’t weigh down your portfolio. Digital currencies like Bitcoin are the future, they are secure, borderless, and unlike gold, they have utility,” the ad reads.

Grayscale Managing Director Michael Sonnenshein claimed that the ad was intended to encourage investors to allocate their gold reserves into Bitcoin.

This has been met with mixed reactions, with even some Bitcoin supporters noting that there is no need to pit the two assets against each other.

Grayscale launched its first “DropGold” campaign in May 2019, when Bitcoin was trading at around $5,400 and few institutional investors were publicly supporting digital assets.

Today, times have changed.

JPMorgan Chase, Deutsche Bank, Citigroup and Guggenheim are among the institutions that have expressed varying degrees of interest in cryptocurrencies.

According to a previous report by BitPush, JPMorgan Chase and Deutsche Bank said that institutional investors are shifting part of their allocations from gold to Bitcoin.

Citigroup managing director Tom Fitzpatrick predicts that the price of Bitcoin will reach $318,000 in the next 12 months.

Meanwhile, Guggenheim has filed an amendment with the U.S. Securities and Exchange Commission to allocate $500 million to the Grayscale Bitcoin Trust.

Grayscale’s “DropGold” campaign could introduce millions of people to Bitcoin, just as Merrill Lynch introduced the stock with an ad in the New York Times in 1948.

Gold is coming off its worst month since 2016, while Bitcoin notched its highest monthly close ever.

Currently, 1 Bitcoin can buy 10.539 ounces of gold, the highest level in nearly three years.