Goldmoney Leaves Crypto and Hence Putting Digital Gold Perspective In Trouble

People look at Bitcoin in different ways. For some, Bitcoin is a world-leading cryptocurrency, a store of value; and some use it as a digital gold. However, now that one of the world’s leading metal investment oriented firms in the world has left crypto (entirely), experts in the crypto market worry that Bitcoin’s value in the market as digital gold may get reduced. The investment firm which has dropped crypto is Goldmoney.

The firm claims to be the world leader and the most trusted destination in the sector of precious metals.  It allows its customers to deal with precious metals like gold, platinum, silver, and palladium. The firm for some reasons has decided to drop off the cryptocurrency business. The George Soros backs the firm, and it began offering the direct buying of cryptocurrencies on its platform in  November 2017. In a similar period, BTC witnessed its most noteworthy ascent by reaching its all-time high $20,000.

When the firm allowed its client to deal in precious metals by using crypto as a mode of payment, it witnessed its share of success too. And hence it allowed customers to deal in metals on its platform by using crypto as a payment. However, from last week, the platform has stopped permitting purchase of metals through crypto. Those who are using crypto assets will either have to liquidate them, or they can request their cryptocurrency to be delivered to their wallet.

As per the reports the firm has to take this decision after reviewing many factors, one of these factors being the declining interest or attraction of the crypto market and the bearish market trend. The firm believes that by exiting the crypto market, they would be able to focus on potential sectors of their core industry.

Nathaniel Popper wrote a book on Bitcoin named “Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.” After the launch of this book, people started looking at Bitcoin as a digital gold. Gold holds a leading position when it comes to the stores of value. Crypto lovers believe that Bitcoin has the potential to become a new-age store of value. However, the volatile nature of Bitcoin and the recent fall in its value is telling the different tale.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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