Campaign #DropGold: Are people really 'dropping gold' for BTC?

10 May, 2019
by Joeri Cant
Bitcoin
Campaign #DropGold: Are people really 'dropping gold' for BTC?

In case you didn't notice, Bitcoin is back. The most popular cryptocurrency broke through the $6,400 price mark today, just two days after it broke $6,000. But why, you might ask. Let us take a look at one possible theory.

As Marketwatch points out, whenever Bitcoin makes an upward movement, a multitude of theories pop up that try to explain as to why the world's number one cryptocurrency surged.

Amongst those theories are always the standard ones, such as the 'technically driven' theory, or the 'adoption' argument, and of course, the not to be excluded theory 'Is the sentiment changing?'.

Today, however, there is another theory floating around ... the '#DropGold campaign effect' theory.

On the 1st of May, Barry Silbert's investment firm Grayscale, dropped a TV commercial, which is meant to push investors to switch from investing in gold to investing in Bitcoin, and to promote BTC as the better alternative to gold.

The #DropGold TV commercial was broadcasted all over the US, and basically pushes the idea that gold is the investment of yesterday, while digital assets, like Bitcoin, are the investment for the future. 

The TV commercial gained rapid traction. So much even that the next day already, the World Gold Council, AKA 'the gold bugs', released a blog post that emphasizes their reasoning why cryptocurrencies are no replacement for gold.

But maybe, just maybe, the #DropGold TV commercial did reach those investors who are holding gold, and got them to rethink their investments? Maybe these investors are dropping their gold stacks left and right, and are turning to BTC en-masse?

After all, only 6 days after launching the campaign, Chepicap reported that the stock for Grayscale Bitcoin Trust (GBTC) became the most actively traded stock across the OTC markets.

What do you think? Could this be a plausible theory? Let us know what you think in the comments below.

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