Grayscale Investments is weighing in on the gold versus bitcoin debate. Its two sats? Drop the bars, buy the bits (and the dip).
The Digital Currency Group off-shoot has launched a “Drop Gold” campaign that encourages investors to ditch the old asset for its digital counterpart, bitcoin.
“Everyone loves a piece of gold jewelry, but is gold really the best investment in today’s digital world?” This is the rhetorical question that the website challenges its readers to consider. “Gold represents the past,” it continues, saying that Nixon dropped the gold standard that backed USD back in the ’70s.
This statement, accompanied by a caricature of the Watergate president, is tinged with irony. Nixon nixing the gold standard officially cemented the USD as a fiat currency, and this has become one of the primary examples bitcoin advocates cite when discussing why the cryptocurrency matters.
With the campaign comes a commercial featuring suits and financiers lugging around hordes of gold. “Why did you invest in gold? Did…