Bitcoin crashes nearly 20% as Investors flee into Gold
Leading gold coin and bullion online retailer, coininvest.com claims the gold market has gone crazy this week as cryptocurrency crashes nearly 20 per cent.
As of yesterday, 17th January, coininvest.com has seen a five-fold turnover of bitcoin related purchases compared to the usual order flow. This comes at a time when Bitcoin has seen more than 40 per cent off its price in a month, with the trend reflecting an emerging pattern of investors turning back to more robust investments such as gold.
coininvest.com claim that the top three gold products British investors are turning their Bitcoins into include:
1 oz Gold Britannia (£1,009.04) – 8 gold coins for one bitcoin
7,32g Sovereign (£243.00) – 33 gold coins for one bitcoin
100 Gold Bar (£3,188.29) – almost 3 gold bars for one bitcoin
As the Bitcoin market shakes, coininvest.com has reported a significant increase of cryptocurrency related purchases where investors are looking for tangible assets with a long track record of sustainable prices. It raises the question of whether intangible assets really are a long-term option in terms of sustainability.
Cryptocurrencies such as bitcoin and gold have much in common – both are limited in quantity, easy to trade and can be decentralized to be stored. However, where gold has the advantage is that there are no passwords to be lost, the volatility is much lower, there is a higher chance of sustainable growth and in the end, you can hold your investment in your hands.
Daniel Marburger, Director at coininvest.com comments, “We have been inundated with emails and the phones have been ringing continually with customers asking how they could turn their cryptocurrency into gold. It is an unprecedented time and shows the sway from Bitcoin and other cryptocurrencies back to a solid, robust investment in these uncertain times.”
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