Friday, January 19, 2018

Another gold seller confirms Bitcoin owners trying to directly sell their crypto for physical gold during latest pullback

Everyone who plays in the cryptocurrency sphere knows that the volatility of Bitcoin and other cryptos is something that must be endured.  This is especially important since the price can and has fluctuated upwards of 20% in a given day.

However it appears that the recent correction in Bitcoin, which culminated in a 50% decline between Dec. 17 and Jan. 16, has some investors looking for other alternatives.  And one of these options appears to be that of investors trading their Bitcoins for physical gold where on Jan. 18 a second online gold seller reported that new customers were contacting them trying to exchange Bitcoin directly for gold.

Sharps Pixley, a subsidiary of Europe’s largest precious metal coin and bar outlet, witnessed a large amount of people calling trying to exchange their bitcoin with gold.  
Ross Norman, director at Sharps Pixley, explained customers as young as 25 come in looking to trade bitcoins – which they accumulated when the price was below $1 – with the tangible metal. 
The company does not take possession of bitcoin, but instead buys via an intermediary.
Mr Norman said: “Bitcoin is a bit of a lobster pot - it’s easy to get in, but hard to get out. Gold also offers investors 4,000 years of history as a store of value, and that’s looking quite appealing right now.” – UK Express

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