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

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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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.

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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.”

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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.”

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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
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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