The purpose of this paper is to formally address public statements and representations made by Grayscale Investments, LLC ("Grayscale") and its principal, Barry Silbert, beginning on or about May 1, 2019, through an advertorial campaign entitled: "DropGold," which was ostensibly designed to educate precious metal investors on the relative advantages of Bitcoin, the digital cryptocurrency invented in 2009, in relation to Gold, the naturally-occurring element (Au) on the periodic table of elements. Before addressing these statements and representations, allow me to begin by sharing with the reader my qualifications in providing this sobering analysis that I hope will sufficiently falsify the core claims made by Grayscale.

Over the past 18 years, I have been a professional investor actively participating in global financial markets. I have managed an investment fund and have founded three publicly traded companies which, together, have created hundreds of millions of dollars in wealth for institutional and retail investors around the world. Over a specific period in my career (2008-2014), I was primarily involved in the extractive industries, investing, owning and exploring for the geological resources in the form of hydrocarbons (Oil, Coal, Natural Gas), base metals (copper, zinc, tin, lead), and precious metals (Gold, silver, platinum, and palladium). The main company and investment vehicle I have been associated with over the recent past is Goldmoney Inc., which owns Goldmoney.com—an online investment platform that safeguards nearly $2 billion of precious metals in 13 physical vaults around the world for nearly 1.5 million clients.