Grayscale Investments, a digital asset management firm founded by Digital Currency Group, launched a major marketing campaign on Wednesday to try and sway institutional investors to drop their investments in gold and begin positions in Bitcoin (BTC).
“The gold industry has done a fantastic job of marketing an overpriced metal but Bitcoin has superior physical properties and market utility,” said Barry Silbert, Grayscale CEO. “I believe that Bitcoin will become the store-of-value for our digital age.”
The firm has also launched DropGold.com, which offers education for investors who are thinking of diversifying with Bitcoin to “reap the benefits of a diversified investment strategy.”
— Grayscale (@Grayscale) May 1, 2019
This message echoes what other major players in the crypto industry have been preaching over the past year. Brendan Blumer, the CEO and co-founder of Block.one, the company behind EOS (EOS), believes Bitcoin is set to replace gold as the standard store of value over the next two decades.
Additionally, Tyler Winklevoss recently revealed that he predicts Bitcoin will be so successful that its ability to act as a store of value will push it beyond current commodities, including gold.
Grayscale’s assets under management recently moved back above $1 billion for the first time in months.
The spot price per ounce of gold is currently down 0.42% on the day to $1,277.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.