However, one digital currency asset manager, Grayscale Investments, is working to make that happen—today launching a campaign called #DropGold, aiming to make "investment portfolios to reflect that bitcoin has become digital gold for today’s forward-thinking investors." We strongly believe that investments in gold will be reallocated to bitcoin as Baby Boomers begin transferring their wealth to a younger generation of investors, one that wasn’t raised on the gold standard," said Barry Silbert, founder and CEO of Digital Currency Group and its subsidiary Grayscale Investments. Grayscale, which runs the publically quoted Grayscale Bitcoin Trust holding some 1.2% of the bitcoin in circulation, is arguing that despite bitcoin's extreme volatility it can still have benefit to an investor's portfolio. "The risks of investing in Bitcoin should certainly be considered with the context of a diversified portfolio," said Michael Sonnenshein, Grayscale Investments managing director. Grayscale, which is the world's largest cryptocurrency asset manager, has its work cut out to convince investors to drop their gold and pick up bitcoin instead, however.

Source: Forbes May 01, 2019 12:56 UTC