'Gold Is Superior to Bitcoin,' Say People Who Sell Gold
The founder of GoldMoney.com is upset that Grayscale compared gold unfavorably to cryptocurrencies.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/AAZAVENLVRDKZOUMS65NEENLT4.jpg)
https://www.shutterstock.com/image-photo/gold-bars-on-nugget-grains-background-343993928?src=p6dKnUIP2tLS5etziLSfHQ-1-39
The folks that sell gold are a bit upset by Grayscale's Drop Gold advertising campaign.
In particular, GoldMoney.com, is going to great lengths to convince the investing public that the yellow metal is "superior" to bitcoin, not the other way around as the Grayscale ads claim.
The precious-metals company has created an infographic and white paper that aim to convince us gold isn't so bad.
GoldMoney.com founder Roy Sebag has quite a lot to say on the matter. His white paper begins by calling out Barry Silbert, founder of Grayscale parent Digital Currency Group:
Sebag goes on to argue that far from being weightless as suggested in the Grayscale ads, bitcoin actually weighs more than gold. After all, it is hosted on heavy servers!
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/CPGENTE3TJE7LEMXQRU7ERUU6I.png)
Further, he tells us that gold has implicit utility – as a thing used to create more bitcoin!
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/7F3GA4Q6QJBJ7IYC25O446OOMI.png)
"Bitcoin needs gold to exist," writes Sebag. "Gold doesn't need Bitcoin to exist."
While Sebag is splitting hairs here – after all, bitcoin, as a digital asset, is invisible, tasteless, and odorless while gold is a physical object you can wear around your neck – his point is simply that we shouldn't yet discount gold as a valuable asset.
The market, obviously, would agree, with gold trading well above $1,000 an ounce. Just how much we should own as an investment, however, is still a tough call, infographic or no.
Image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.