HomeTodays NewsBitcoin [BTC]: #DropGold campaign registered over a million views, says Grayscale’s Barry Silbert
Bitcoin [BTC]: #DropGold campaign registered over a million views, says Grayscale’s Barry Silbert
May 18, 2019
Barry Silbert, Founder and CEO of Digital Currency Group, recently spoke about the #DropGold campaign initiated by Grayscale, during an interview with Yahoo Finance. The CEO also explained why investors should opt for Bitcoin, instead of gold.
During the interview, the CEO was asked about the “number one thing” that had to be broken in terms of viewpoints, considering that the campaign was about getting people to start pouring their gold money into digital gold. To this, Silbert began by stating that the ad campaign was designed to be “provocative” and “start a conversation”. He also stated that the ad campaign had registered over a million views so far, excluding TV commercial numbers.
He further emphasized the importance of starting a conversation and highlighting that “there’s a generational shift that’s happening” in terms of the way investors think about gold.
“[…] I was born after the gold standard, grew up during a period of war, where you had to be able to store your money via something like gold. For the younger generation, money is digital, anybody who has a phone can now access this asset class […]”
Silbert added that approximately $68 trillion of wealth would be handed down to millennials over the next 25 years. He stated that neither was all this money going to go to Gold, nor was it going to go to Bitcoin, adding that “whatever is in gold is certainly going to diversify.”
Following this, the CEO was asked why an investor would opt for Bitcoin instead of gold, considering that gold had a physical nature. To this, Silbert stated that gold had history and cultural significance. However, it lacked in utility and usefulness. Bitcoin, on the contrary, had a financial rail, paves a path to move money around the world, and has the “potential to be incredibly valuable,” he stated.
“Gold, it’s used in jewelry, it’s used in electronics, it’s down like 30 percent over the past nine years. So, while smartphones sale are going up and computer sales are going up, its really only utility is actually going down. In fact, the more expensive gold gets the less useful it is because they substitute it out for someone else.”
So, it’s central banks buying, so basically if you are buying gold, you are betting on the central banks, which is weird because gold [investors] think central banks are idiots and don’t know monetary fiscal policy. So, there’s a real disconnect between, ‘okay, I’m going to bet on the bankers doing the right thing, yet they are ones buying gold right now’.”