According to Max Keiser, RT host and Heisenberg Capital Co-founder, the Grayscale Bitcoin Trust (GBTC) campaign to ‘drop gold’ for Bitcoin couldn’t have been timed any worse.

The GBTC campaign, which started in May 2019, aimed at highlighting Bitcoin’s advantages over gold. However, since then, gold prices have risen 27.5 percent from $1,200 to $1,530. Keiser had pointed out earlier that the impending global financial crisis will lead to a rise in both Bitcoin and gold prices.

Keiser Predicted Both Gold and Bitcoin Would Soar

The Grayscale campaign, which urged people to dump their gold and instead invest in Bitcoin, was started in May 2019. Almost immediately after the campaign launched gold prices skyrocketed by 27.5 percent. It was, however, still dwarfed by Bitcoin’s growth rate which rose by over 92 percent in the same period.

In a recent edition of his RT show, Keiser Report, on Jun 19, 2019, Max Keiser said that the prices of gold and Bitcoin were going up due to the warnings of an impending economic recession. He added that with an economic crisis expected soon, gold and Bitcoin would be the safest bets in an unpredictable economic climate.

Due to the current geopolitical turmoil, including the U.S.-China trade war, a slowdown of developing economies, and the Chinese yuan hitting its lowest in 11 years, Bitcoin prices have been rising steadily, as many investors are seeing it as a safe-haven asset. Bitcoin, as it has matured, ha begun showing behavior similar to that of gold which has long been considered to be the de facto safe-haven asset.

Grayscale TV Ads for Drop Gold Campaign

Barry Silbert, the founder and CEO of the cryptocurrency investment firm that is behind Grayscale Bitcoin Trust’s television ads, said that he does not see this as an advertisement for Grayscale. but rather as a campaign that is focused on starting a conversation about Bitcoin versus gold. However, the advertisement did raise the question of whether it was meant to promote the campaign or the Grayscale investment firm, considering it ends with the narrator saying, “Go digital. Go Grayscale.”

Silbert added that everyone in the cryptocurrency industry should rally behind the campaign. Silbert is also the CEO and Co-founder of Grayscale’s parent company, Digital Currency Group, which is the world’s biggest cryptocurrency venture capital fund.

Even though Bitcoin rose 113 percent in the past two years, compared to gold which only rose by 2.5 percent, Bitcoin has faced arguments over its volatility and price fluctuations. Silbert, in response, said that even though Bitcoin’s volatility has concerned mainstream investors, he was confident that BTC will prove itself as a store of value in the future.

Do you believe Bitcoin is a better asset for long term wealth storage? Let us know your thoughts in the comments below.

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