• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Sensei Inu Logo

Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?

Tony "The Bull" by Tony "The Bull"
5 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

Bitcoin has been pitched as, and has the potential to be a lot of things: a global crypto currency; a store of value; and digital gold.

However, as one of the world’s most prominent precious metal-focused investment firms drops crypto as a whole, Bitcoin’s positioning as digital gold may be in trouble.

Goldmoney Drops Crypto, Harming the Bitcoin As Digital Gold Narrative

Goldmoney, which claims to be the “global leader in precious metal custody,” and “the world’s most trusted name in precious metals,” has “decided to exit the cryptocurrency business.” The firm offers its customers the ability to buy and store previous metals such as silver, gold, platinum, and palladium.

The George Soros-backed Goldmoney began offering the direct purchase of cryptocurrencies on its platform back in November 2017 right as Bitcoin made its meteoric ascent to its all-time high of $20,000. The firm cited the “overwhelming success” it saw buy allowing its customers to purchase precious metals with crypto as reason for adding the option to purchase crypto directly through Goldmoney.

Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term

Starting this past week, crypto purchases are no longer available to Goldmoney’s clients. Customers who use Goldmoney for custody of crypto assets will be required to either liquidate their position or “request that their cryptocurrency be delivered to their wallet.”

So I notice https://t.co/PQH72n0kEe have suddenly stopped offering Crytpo-currency services [BTC] to their customers. They have been given 2 months to move their funds.

— dave the wave (@davthewave) March 7, 2019

The Goldmoney Board of Directors reportedly made the decision after a review of “several factors.” Those factors likely include waning interest in cryptocurrencies as the decline in cryptocurrencies deepens during the ongoing bear market.

Goldmoney says that by exiting the crypto business, they can “focus on new growth initiatives within the precious metal industry.”

Can Bitcoin Ever Become Digital Gold?

While it’s not clear where the Bitcoin as digital gold moniker originated from, it was popularized following Nathaniel Popper’s book on “Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.”

Since then, the digital gold narrative tied in closely to Bitcoin’s store of value narrative. Gold is often considered among the first ever stores of value, and is often looked to as a hedge to maintain value during times of economic distress.

Bitcoin, should it ever become a stable asset in terms of price volatility, could some day become a reasonable store of value, similar to precious metals like gold. However, given the fact that Bitcoin has fallen over 85% from its previous all-time high, it is increasingly difficult to call it a store of value when its value has regularly plummeted since.

Related Reading | Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency

The decline in Bitcoin’s price and waning interest in the market following the crypto bubble pop has even caused precious metal firms such as Goldmoney, to not only ditch crypto, but the store of value narrative altogether.

However, should Bitcoin continue to follow its logarithmic growth curve, relative volatility should decrease and the leading crypto by market cap’s value should one-day stabilize, restoring the store of value and digital gold concept. Until then, though, Bitcoin will shine as a speculative asset and a decentralized global currency – it doesn’t need a comparison to such archaic asset classes to survive or even thrive.

Images from Shutterstock
Tags: bitcoindigital goldGeorge SorosgoldgoldmoneyPrecious Metals
Tweet123Share196ShareSend
Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

Related Posts

Wall Street Memes Enters Last Day of Presale Before Tier 1 Exchange Listing – Could This Be the Next Big Meme Coin?

Wall Street Memes Enters Last Day of Presale Before Tier 1 Exchange Listing – Could This Be the Next Big Meme Coin?

5 hours ago
Spot

What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin

7 hours ago
Base

Explosive 6-Week Growth Sees Base Hit New Milestone

8 hours ago
5 New Meme Coins to Watch: Wall Street Memes Could 10x on IEO, Meme Kombat Raises $50k

5 New Meme Coins to Watch: Wall Street Memes Could 10x on IEO, Meme Kombat Raises $50k

13 hours ago
Bitwise Ethereum ETF

Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?

1 day ago
Unleash the Power of Crypto Cloud Mining: TopHash

Unleash the Power of Crypto Cloud Mining: TopHash

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Ibiza NXT 2023 – Heading toward a purpose-driven Web3...

    3 hours ago
  • The Financial Investment Expo Bangkok, Thailand

    4 hours ago
  • XRP Ledger Gets Massive Update, $XRP Pinned Below $0.55 As...

    6 hours ago
  • Recent BNB Updates: Investors Flock to Borroe.Finance and...

    8 hours ago
  • Bitcoin Metrics Show Long-Term Holders Refusing To Sell...

    9 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.