Category Archives: DropGold

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Silbert: Only Indians and Central Banks Buying Gold

Silbert: Only Indians and Central Banks Buying Gold

Two heavyweights in finance belting it out at the SALT Conference 2019 between gold and Bitcoin have resulted in some of the most outlandish claims for each other’s choice of asset, with Bitcoin advocate Barry Silbert claiming that gold is quickly being left behind by most individuals globally as a safe have and store of value.

Silbert, who is the founder and CEO of Digital Currency Group, had launched a scathing attack on the world’s most recognizable precious metal, targeting especially gold’s demand and utility. He argues that the modern world does not use nor demand gold the way it used to, with obvious usage only in computers, jewelry and dentistry. With time, people would seek a better alternative to gold:

“We did not grow up in a gold standard A lot has to go wrong. But, it does not take a lot for Bitcoin to out-perform Gold. Only Indians and central banks are buying gold.”

His promotion of Grayscale’s #dropgold campaign has hit the mainstream media in recent weeks on the back of a Bitcoin rally, but not everyone is convinced. Pro-gold investor Peter Schiff fought back against Silbert’s claims, saying that Bitcoin had zero value and needs constant mining and verification, unlike gold that would stay unchanged for a thousand years:

“We don’t have enough energy to power the network that would be required to run Bitcoin… In order to be money, an asset value independent than a medium of exchange.”

Schiff also bizarrely claims that gold is the only authentic money, while Bitcoin belongs to the same class as dollars, pounds and yen: fiat currency. As such, Bitcoin would, like all fiat, ultimately collapse:

“All fiat currencies ultimately collapse. The reason that gold that store of value is you can melt in down in a 1,000 years and and use that gold and use to make a computer chip. Gold does not lose any of its property over time.”

 

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Winklevoss: Bitcoin is Gold 2.0

Winklevoss: Bitcoin is Gold 2.0

Tyler Winklevoss, one half of the famous Winklevoss Twins who manage digital asset platform Gemini, has spoken out about Bitcoin as the new digital gold, calling the world’s foremost cryptocurrency “Gold 2.0”.

Bitcoin is gold 2.0. It matches or beats gold across the board. It’s market cap is ~140bil, gold’s market cap is ~7tril. Do the math!

— Tyler Winklevoss (@tylerwinklevoss) May 16, 2019

According to his argument, Bitcoin’s position in the market today after only 10 years of existence has proven its staying power, and has now in fact displaced the precious metal in several comparisons. This includes a market capitalization of around USD 140 billion, compared to gold’s USD 7 trillion market cap.

Those who believe that Bitcoin is a store of value will probably enjoy the fact that the theory is supported by someone as influential as Winklevoss, although there will be others who say that for Bitcoin to succeed as a digital currency in the way it was originally deemed, its value needs to be more predictable and less volatile.

Senior market analyst at eToro, Mati Greenspan believes that both sides of the equation bear merits, seeing individual strengths for both gold as a traditional store of value in times of crisis and Bitcoin as a digital currency. As he points out, switch the power off and you can’t use Bitcoin:

Yeah. Bitcoin is digital gold and has advantages over regular gold. However, physical gold also has advantages over bitcoin.

It can be used to make jewelry or technology and can be used in the event of a total system meltdown. If the power goes out, you can’t use bitcoin.

— Mati Greenspan (@MatiGreenspan) May 16, 2019

Other industry giants like crypto fund Grayscale, for example, go even more extreme, launching a  #dropgold campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

Whichever the opinion, it is becoming clear that Bitcoin cannot be ignored, whether as a revolutionary new technology, or digital money, or store of value. 

 

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Grayscale CEO: Bitcoin’s the Younger Generation’s Version of Gold

Grayscale CEO_ Bitcoin’s the Younger Generation’s Version of Gold

In a recent interview with Maria Bartiromo on Fox Business, CEO of Digital Currency Group and Grayscale Investments founder Barry Silbert intensified his #DropGold campaign.

Being one of the major proponents of Bitcoin, Silbert was asked to make a sales pitch. And, doing a hell of a job out of it, he provided useful insights into Bitcoin investments:

Firstly, though notably a far cry from the all-time high in December 2017, Bitcoin had gone through a series of price ups and downs, however, it had improved by 10% in just 24 hours before the interview, Silbert explained it as Bitcoin being able to perform really well in periods of financial dislocation – just like gold used to. He was of the opinion that any current economic indicators may have prompted the slight surge for Bitcoin – be it the news from China or the general technical bullish trends, nevertheless, the digital asset was doing well and signaled a better hedge than gold.

In his sales pitch, he noted the generation shift in investment choice, explaining how Bitcoin was a more preferred choice for the younger generation who have not allocated to gold. This further intensifies earlier reports about an increasing millennial trust in Bitcoin over traditional investment vehicles.

Silbert said:

“Bitcoin is the younger generation’s version of gold, it has all the same characteristics – scarce, divisible, portable and has utility.”

Silbert’s overall assessment was that the Bitcoin community is creating an entirely new payment and financial rail network which could transform economies. He further implied that the fact that the likes of Fidelity, Facebook, Square, and the New York Stock Exchange (NYSE), were all getting involved in building an infrastructure for the new ecosystem, was an important landmark for the industry.

Grayscale’s recent #DropGold campaign was intended to be provocative to sway the older generations into trusting Bitcoin as a better investment over gold, noting how gold is heavy and expensive to store. Whereas, Bitcoin has some of the characteristics of gold such as being finite actually had more utility than gold and was ubiquitous given how mobile and digital technology have been globalized.

However, the world gold council (WGC) recently kicked back with a stern response to the DropGold initiative, expressly stating that cryptocurrencies are no replacement for gold, and citing gold as being less volatile, having a more liquid market, and a regulated market being the cherry at the top. Although Adam Perlaky, Manager of Investment Research at the WGC sees an overall promising future for cryptocurrencies and blockchain technology, however, he is of the opinion that they do not represent substitutes to gold.

A performance duel may have inadvertently been created from both extremes with the masses waiting to see which asset will prove true to their underlying concept of worth.

As for Bitcoin, the struggle to conquer the USD 6,000 price resistance level continues on as the overall outlook remain bullish. As at press time, the asset was trading above USD 6,000.

 

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GrayScale Investments Hoists Bitcoin in #DropGold Campaign

GrayScale Investments Hoists Bitcoin in #DropGold Campaign

Digital currency and crypto asset management firm Grayscale Investments LLC has launched a new campaign calling for Bitcoin to replace gold as a store of value in the new global digital economic model.

The #DropGold campaign was unveiled with a TV commercial, which has now gained over 88,000 views on Twitter in the past day. In the commercial, corporate workers are seen abandoning physical bars of gold, dumping the heavy metals and running away, presumably to get Bitcoin.:

Today we unveiled our #DropGold TV commercial. We think it’s a #MustWatch

sound ON! pic.twitter.com/SEGAmMItsE

— Grayscale (@GrayscaleInvest) May 1, 2019

In a statement to Forbes, Grayscale claims that the new campaign is advocating for “investment portfolios to reflect that bitcoin has become digital gold for today’s forward-thinking investors.”

Barry Silbert, founder and CEO of Digital Currency Group and its subsidiary Grayscale Investments, said:

“There is a generational shift in how individuals are approaching investing. We strongly believe that investments in gold will be reallocated to bitcoin as Baby Boomers begin transferring their wealth to a younger generation of investors, one that wasn’t raised on the gold standard. The gold industry has done a fantastic job of marketing an overpriced metal but bitcoin has superior physical properties and market utility.”

Grayscale Investments managed the publiclly quoted Grayscale Bitcoin Trust, which today holds around 1.2% of the entire world’s Bitcoin in circulation.

 

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Gold Investment into Bitcoin Could Improve Performance, Enhance Diversification

A Portfolio’s Gold Investment into Bitcoin Could Improve Performance and Enhance Diversification

Digital asset management company Grayscale Investments goes more public with Bitcoin investment in its recent ‘Drop Gold’ campaign, according to a press release.

In what appears to be an attempt to laud Bitcoin as the future replacement of gold investment, Grayscale Investments has raised a clarion call for investment portfolios to reflect that Bitcoin has become digital gold for today’s forward-thinking investors.

According to the press release, “through research and portfolio simulations, Grayscale believes that shifting a portion of a portfolio’s gold investment into Bitcoin could improve performance and enhance diversification.”

The campaign has been well illustrated in a commercial, featuring a society obsessed over gold investments and how gold weighs down on investors portfolio and infers that it has no utility. In contrast, Bitcoin is presented in a voice over as fast, secure, borderless and has utility.

Managing director at Grayscale Investments Michael Sonnenshein explained the initiative as a deliberate attempt to sway gold investors to a more digitally-diversified investment. He said:

“We wanted to create a compelling, provocative, and illustrative story to showcase the absurdity of gold in our modern world. #DropGold is a call to action – investors should reassess and reallocate the gold in their portfolios, invest in Bitcoin, and reap the benefits of a diversified investment strategy.”

Moreover, founder and CEO of Digital Currency Group and its subsidiary Grayscale Investments, Barry Silbert commented on a generation shift in investment sentiments away from traditional investments into digital currencies, he said:

“There is a generational shift in how individuals are approaching investing. We strongly believe that investments in gold will be reallocated to Bitcoin as Baby Boomers begin transferring their wealth to a younger generation of investors, one that wasn’t raised on the gold standard.”

This further corroborates a report based on a survey sampling over 2,000 American adults; finding 1 in 10 Americans currently owns Bitcoin. The researchers further reached a conclusion that Bitcoin is a demographic mega-trend led by younger age groups. An increase in Bitcoin investments among millennials has proven to be an indication of a megatrend in investment sentiments, though a great number of the older generations are yet to reconcile with the new fintech industry.

Silbert further made a rather controversial argument in the release: “The gold industry has done a fantastic job of marketing an overpriced metal, but Bitcoin has superior physical properties and market utility.” Whereas in the real world, gold has found substantial footing in many mainstream industries outside finance to include medicine, computers, electronics, and jewelry. Could Silbert be seeing a future where Bitcoin is more than just a currency?

Bitcoin, as well as other cryptocurrencies, have had quite the appearance in the media in the form of ads, commercials, and TV series. In March, the premiere of a fan-funded animated series “Bitcoin and Friends” tells the story of Bitcoin in a blend of comedy and cartoon with the aim of educating the masses on the digital currency.

 

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