Bitcoin is the new Gold.
Investing in Bitcoins returns to the forefront with the “it is time to drop gold” campaign launched by Grayscale. Grayscale investments is one of the largest digital currency asset managers. The campaign was launched on May 1 2019 and particularly aimed at persuading investors or directing investors to invest in Bitcoins rather than gold. The movement to decouple gold started in 1971.Bitcoin has proven to have superior physical property and Market quality.
Grayscale’s social media ad campaign #DropGold is based on the premise that the yellow metal is obsolete as a store-of-value in the global digital economic model. Grayscale argues that Bitcoin is far better than gold and that’s because Bitcoin possesses a superior composition of ‘good money’ . The campaign aims at changing the mind-set of investors around modern investment opportunities and portfolio allocations. This campaign not only aims at creating awareness about Grayscale and GBTC but also about the emergence of digital currencies as a viable asset class.
Bitcoins clearly posses superior quality as compared to gold in terms of verifiability, durability, portability, divisibility, recognisability. Furthermore Bitcoin has low cost storage, transferability and shipping. Bitcoin is a virtual currency hence it is weightless and is more secure than gold in terms of storage. Bitcoin has faster value transfer than gold and is easily verifiable and transferable. Today’s data also indicates that Bitcoin is already one step ahead of gold and is outperforming gold in every way. The supply of bitcoins cannot be manipulated by any government, bank, organization, or individual.
The growth of the Internet and the proliferation of digital transactions have exposed many limitations to traditional currencies and exchange systems in the borderless, electronic world. Current limitations include high expenses, time delays, and security risks.
The idea of an international currency – independent of a country or central bank and designed for a globalized economy – has fascinated economists, business executives, computer experts, and anti-government advocates for years. Bitcoins (BTC), the latest and most popular outcome of efforts to create a practical digital currency, first appeared in 2009 with an initial issue of 2,625,000. As of December 7, 2013, there were 12,091,050 BTCs, each with a value of $736.61USD.
Gold has played a very influential role in human history for thousands of years. For millennia, gold was used as a symbol of wealth and as currency. In 1792, Gold coins became a legal tender in the United States because the Congress decided to adopt a gold and silver standard. Then, in 1971, gold began to decline more explicitly when President Richard Nixon ended the Bretton Woods system. As a result, now, no country uses the gold standard.
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