Barry Silbert, founder, and CEO of prominent digital currency investment group Grayscale has caused a stir on Twitter today, with the announcement of a U.S. wide TV commercial to promote Bitcoin investing.
The news comes after Grayscale, known for its staunch belief in digital currencies, launched the ‘Drop Gold. Go Digital. Go Grayscale.’ campaign, encouraging investors to move away from storing their wealth in physical gold, and instead invest in the leading and original digital currency- Bitcoin.
Specifically, Grayscale is promoting its Bitcoin investment trust, which offers investors exposure to BTC without actually holding, or going through the process, of buying the asset themselves.
The trust, named ‘Grayscale Bitcoin Trust’ (ticker symbol: GBTC), is available from a number of brokers, including Fidelity Investments, TD Ameritrade, and Vanguard. Grayscale is among the largest digital asset investment firms, with over $1 billion assets under management.
For investors who don’t feel comfortable buying and keeping custody of Bitcoin themselves, GBTC offers an attractive trust for digital asset exposure.
However, it’s the nationwide advertising of Bitcoin which is causing a furor in the cryptosphere today, as members of the digital asset community come forth to congratulate Silbert on the new commercial.
— Barry Silbert (@barrysilbert) May 1, 2019
The #DropGold Commercial
Grayscale’s new commercial, which features two enlightened digital asset investors rushing through Wall Street as hordes of gold holders languish with their heavy bullion falling around them, portrays digital assets as the new store of wealth for the mobile and modern investor.
Fantastic commercial. Really well done, and guaranteed to spark debate and controversy.
— Tuur Demeester (@TuurDemeester) May 1, 2019
Grayscale hailed the launch of its advert as the beginning of the Bitcoin vs. Gold battle, and similarly, commented: “Today is the day to #Dropgold”. For the wider cryptocurrency community, however, it could signal a more important effect for the entire industry.
Aside from a ‘rising tide lifts all ships’ mentality within the digital asset space, it’s also one of the first times a commercial of its kind, backed by leading financial companies, has aired on U.S. television – which will no doubt be a boon for the digital asset industry, which is just emerging from one of the longest bear markets in its history.
The advert is set to air on U.S. business news networks within the next week, and will also be shown on streaming services such as Hulu.
Why Pitch Bitcoin Against Gold?
For a cryptographic asset which has long been touted as digital gold, it’s little surprise Grayscale have chosen this angle to promote Bitcoin to would-be investors.
Despite this, many viewers may ask why is gold, which has traditionally been a mainstay of those looking to preserve their wealth, suddenly no longer in vogue?
In its Medium press release, Grayscale writes “The benefits of Bitcoin – like security, speed, and efficiency – cannot be ignored…” and that the #Dropgold movement is part of a wider effort to shift traditional investment mindsets with a stunning creative movement.
Gold, Silbert argues, has limited utility beyond jewelry, and unlike Bitcoin, which anyone who has access to a computer can buy, transact and store, gold has issues with accessibility and secure custody.
Whilst Bitcoin remains a volatile asset in the short term, and likely for the foreseeable future, Silbert and the Grayscale team believe that over time, it will prove itself as a reliable store of value.
Whether goldbugs leave their precious metals behind en masse to go all in on Bitcoin will remain to be seen, however.
But one thing is for sure, Grayscale’s latest TV commercial is going to bring some serious mainstream attention back to the cryptocurrency markets, and could bring higher volumes and renewed interest in Bitcoin.