Grayscale Digital Asset Manager resumes its controversial “drop gold” campaign just in time for the potential Bitcoin (BTC) bull market.
CEO Barry Silbert tweeted on Tuesday that the 30-second ad “will run on large networks across the country.”
The campaign video asks investors to “leave the box” by throwing gold and adding digital assets such as bitcoin to the portfolio.
“In the digital world, gold should not weigh your wallet,” the ad says, adding:
“Digital currencies like Bitcoin are the future. They are safe, unlimited, and unlike gold, they really have an edge. ”
Grayscale launched the #dropgold campaign in May 2019 when Bitcoin traded at around $ 5,400. At the time, few institutional investors publicly spoke out for digital assets.
Times have definitely changed.
Since then, institutions such as JPMorgan Chase, Deutsche Bank, Citigroup and Guggenheim have shown varying degrees of interest in cryptocurrencies.
JPMorgan and Deutsche Bank have said that institutional investors are converting some of their holdings from gold to bitcoin.
In the case of Citigroup, CEO Tom Fitzpatrick apparently expected the price to be 318,000 BTC over the next 12 months.
Meanwhile, Guggenheim has submitted a change to the US Securities and Exchange Commission to grant $ 500 million to the Grayscale Bitcoin Trust.
As the Cointelegraph reported in August 2020, the Grayscales #dropgold campaign has the potential to introduce Bitcoin to millions of people, just as the 1948 Merrill Lynch ad in the New York Times showed a boom in stocks.
Gold comes from its worst month since 2016, while Bitcoin posted the highest monthly close ever. Currently, 1 Bitcoin buys you 10,539 grams of gold, the highest level in almost three years.