Story by: Billy Bambrough
Bitcoin is often referred to as digital gold but the first scarce digital asset has a long way to go before it even comes close to gold’s total worth and widespread use as an investing store of value.
Bitcoin, which has a total value of $92 billion compared to gold’s eye-watering $103 trillion, has grown rapidly over the last decade, but its future hinges on uncertain user adoption and favorable government regulation—making its ascent as a global investment asset far from certain.
However, one digital currency asset manager, Grayscale Investments, is working to make that happen—today launching a campaign called #DropGold, aiming to make “investment portfolios to reflect that bitcoin has become digital gold for today’s forward-thinking investors.”
“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,” said Barry Silbert, founder and CEO of Digital Currency Group and its subsidiary Grayscale Investments.
“The gold industry has done a fantastic job of marketing an overpriced metal but bitcoin has superior physical properties and market utility. I believe that bitcoin will become the store-of-value for our digital age.”