World Gold Council Hits Back at #DropGold Campaign: Crypto Can’t Replace Gold

World Gold Council Hits Back at #DropGold Campaign: Crypto Can’t Replace Gold

 

On Thursday (May 2), Adam Perlaky, Manager of Investment Research at the World Gold Council , hit back at Grayscale Investments’ recent #DropGold campaign by explaining why his organization believes that "cryptocurrencies are no replacement for gold."

As CryptoGlobe reported earlier, on Wednesday (May 1), New York-based cryptoasset investment firm Grayscale Investments ("Grayscale"), a subsidiary of Barry Silbert’s incubator and venture capital firm Digital Currency Group (DCG), launched a #DropGold campaign that features a funny TV commercial, which tells investors that "in a digital world" they should not allow their portfolios to be "weighed down" by gold and "digital currencies, like Bitcoin, are the future": Today we unveiled our #DropGold TV commercial. We think it’s a #MustWatch

sound ON! pic.twitter.com/SEGAmMItsE — Grayscale (@GrayscaleInvest) May 1, 2019 Grayscale’s commercial says that cryptocurrencies are better than gold because "they are secure, borderless, and unlike gold, they actually have utility."

Michael Sonnenshein, Grayscale’s Managing Director, told The Block that "Barry Silbert, CEO of the fund’s parent company DCG, had the idea for the campaign, hoping to target the older generation in particular": "We’re going after a narrative around gold being where investors should go when markets turn south or as a hedge against inflation…We’re highlighting the absurdity of gold." Well, today, the Wold Gold Council hit back at the #DropGold campaign by publishing a blog post titled "Cryptocurrencies are no replacement for gold". In this post, Perlaky, who is the Manager of Investment Research at the World Gold Council, tries to explain that "although […]