Is it better to hoard gold or Bitcoin? The cryptocurrency company Grayscale is making the case for Bitcoin with an unprecedented multi-million dollar marketing campaign that includes a year of national TV commercials.
The campaign, which is called “Drop Gold” and kicked off on Wednesday, features a 39-second commercial that shows a man and woman who race frantically around a financial district while people around them are weighed down by bulky gold.
“Why did you invest in gold?” the ad asks. “Are you investing in the past?”
According to Grayscale, the ad (which you can watch below) will run all year on broadcast and cable networks and on streaming services like Hulu. The company will also be advertising heavily on social media sites.
All of this amounts to a bold bet that the ad campaign will produce enough new Bitcoin buyers to offset Grayscale’s major marketing expenses. But how many people will actually be persuaded to give up investing in gold in favor of Bitcoin—a digital currency that exists only as bits of computer code?
Unsurprisingly, Grayscale CEO Barry Silbert, whose company will profit if investors “drop gold” for Bitcoin, thinks people will make the leap. In his view, Bitcoin is a superior store of value because—as the commercial suggests—it is a lighter and more practical way to hold a long-term investment. Silbert also believes…
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