Earlier this year there was a marketing campaign by GrayScale encouraging people to drop their gold. This campaign generated massive controversy and enflamed a strange battle between investors and speculators that more or less are on the same team.
The language of the campaign directly attacked gold in a truly bizarre argument for being too heavy to carry.
This is a super pompous position in itself as the average person doesnt have nearly enough in savings to be able to own enough gold to be too heavy to carry.
In fact, gold is super value dense. Here is about $47,000 + in gold in a kilobar:
This compact store of value is free from counter party risk, can’t be printed, and has all the attributes of money.
Anyone could easily carry several thousands of dollars worth of gold in pure 24k Jewelry form on their wrist:
Grayscales ads encouraged people to Drop Gold and to buy bitcoin. Here is how that has gone for investors and speculations since:
https://twitter.com/roysebag/status/1197828214288203776
- roysebag
My point is not to continue this ridiculous debate as bitcoin and gold have nothing to do with each other other than that they both attract a group of people that are looking for alternative to fiat currency.
They should never have been compared to each other in the first place and there is a place for both in a well rounded portfolio if allocated properly.
I chose not to drop gold because:
1: The campaign didn’t make any sense.
2: I am not so myopic to think I had to own only one asset or the other.
3: Gold has thousands of years of history backing it as a store of value
4: Grayscales not the boss of me
Today I am very happy to own some bitcoin but a larger allocation of gold in my portfolio as an anchor asset.
As painful as the currently bloodbath in crypto in that is happening this week, it would be that much worse if you had followed Grayscales advice.
I hope, like me, you listened less to Grayscale, and more to your Gold Scale
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The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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