'Gold Is Superior To Bitcoin,' Say People Who Sell Gold

The folks that sell gold are a bit upset by Grayscale's Drop Gold advertising campaign.

In particular, GoldMoney.com, is going to great lengths to convince the investing public that the yellow metal is "Superior" to bitcoin, not the other way around as the Grayscale ads claim.

The precious-metals company has created an infographic and white paper that aim to convince us gold isn't so bad. GoldMoney.com founder Roy Sebag has quite a lot to say on the matter.

To be even more explicit, I am sympathetic to the broad vision of the cryptocurrency community and feel that Grayscale and Mr. Silbert, through these actions, have made a critical error in judgement that is neither representative of the community nor beneficial to its core objectives.

Sebag goes on to argue that far from being weightless as suggested in the Grayscale ads, bitcoin actually weighs more than gold.

Further, he tells us that gold has implicit utility - as a thing used to create more bitcoin!

"Bitcoin needs gold to exist," writes Sebag.

"Gold doesn't need Bitcoin to exist."

While Sebag is splitting hairs here - after all, bitcoin, as a digital asset, is invisible, tasteless, and odorless while gold is a physical object you can wear around your neck - his point is simply that we shouldn't yet discount gold as a valuable asset.

The market, obviously, would agree, with gold trading well above $1,000 an ounce.