Grayscale digs up anti-gold advertising campaign again

Grayscale digs up Bitcoin advertising campaign again

Just in time for Bitcoin’s all-time high, asset manager Grayscale launches its „Drop Gold“ advertising campaign. Originally, Drop Gold was launched in May 2019. At that time, the campaign met with rather reserved reactions within the crypto community.

On 1 December, Grayscale CEO Barry Silbert commented on the newly launched advertising campaign via Twitter. The 30-second ad is to be placed nationwide, both online and Bitcoin Rush review on several well-known television channels. Drop Gold encourages investors to sell their gold and invest in crypto-currencies such as Bitcoin instead:

Digital currencies like Bitcoin are the future. They are safe, limitless and, unlike gold, actually useful.

Accordingly, precious metals like gold would only „burden“ the wallet of any investor. Moreover, gold is an old-fashioned financial product that would pull down any wallet. In parallel to these statements, Bitcoin’s transaction speed, efficiency and security are stressed. The aim of the campaign is to encourage investors to invest in Grayscale’s Bitcoin Investment Trust (BIT).

Drop Gold is not Grayscale’s first Bitcoin advertising campaign

On 7 August Barry announced another campaign. This became the largest Bitcoin advertising campaign ever and was broadcast in the USA on TV channels such as FOX, CNBC. However, many members of the crypto-community were disappointed by the advertising campaign due to ambiguous messages. In addition, technical problems kept cropping up. One Twitter user commented on this as follows:

Seriously, is this the best you can do? The music overlays the words and most of the sound is not audible. I appreciate Grayscale’s efforts, but do better next time. Your „Drop Gold“ campaign was much better.

When Grayscale Drop Gold campaign started in 2019, the Bitcoin price was around $5,400. However, a lot has changed since then. A year and a half later, the exchange rate has almost quadrupled and many Bitcoin sizes give very optimistic forecasts in this regard time and again. Citigroup Managing Director Tom Fitzpatrick, who recently predicted a Bitcoin exchange rate of 318,000 for next year, is one such example.

In view of these conditions, the Drop Gold campaign could now help to make Bitcoin appealing to the general public. In addition, gold recently recorded its worst month since 2016.