{"id":373994,"date":"2019-03-09T13:04:44","date_gmt":"2019-03-09T13:04:44","guid":{"rendered":"https:\/\/wncen.com\/?p=373994"},"modified":"2019-03-09T13:04:44","modified_gmt":"2019-03-09T13:04:44","slug":"precious-metals-firm-drops-crypto-is-the-bitcoin-digital-gold-narrative-in-trouble","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/precious-metals-firm-drops-crypto-is-the-bitcoin-digital-gold-narrative-in-trouble\/","title":{"rendered":"Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">However, as one of the world\u2019s most prominent precious metal-focused investment firms drops crypto as a whole, Bitcoin\u2019s positioning as digital gold may be in trouble.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Goldmoney Drops Crypto, Harming the Bitcoin As Digital Gold Narrative<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Goldmoney, which claims to be the \u201cglobal leader in precious metal custody,\u201d and \u201cthe world\u2019s most trusted name in precious metals,\u201d has \u201cdecided to exit the cryptocurrency business.\u201d The firm offers its customers the ability to buy and store previous metals such as silver, gold, platinum, and palladium.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The <a href=\"\/tag\/george-soros\" rel=\"nofollow\">George Soros<\/a>-backed Goldmoney began offering the direct purchase of cryptocurrencies on its platform back in November 2017 right as <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> made its meteoric ascent to its all-time high of $20,000. The firm cited the \u201coverwhelming success\u201d it saw buy allowing its customers to purchase precious metals with crypto as reason for adding the option to purchase crypto directly through Goldmoney.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/01\/crypto-bitcoin-price-long-term\/\">Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Starting this past week, crypto purchases <a href=\"https:\/\/www.businesswire.com\/news\/home\/205\/en\/Goldmoney-Formally-Exits-Cryptocurrency-Business\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">are no longer available to Goldmoney\u2019s clients<\/a>. Customers who use Goldmoney for custody of crypto assets will be required to either liquidate their position or \u201crequest that their cryptocurrency be delivered to their wallet.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">So I notice <a href=\"https:\/\/t.co\/PQH72n0kEe\" rel=\"nofollow\">https:\/\/t.co\/PQH72n0kEe<\/a> have suddenly stopped offering Crytpo-currency services [BTC] to their customers. They have been given 2 months to move their funds.<\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/40732928?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 7, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The Goldmoney Board of Directors reportedly made the decision after a review of \u201cseveral factors.\u201d Those factors likely include waning interest in cryptocurrencies as the decline in cryptocurrencies deepens during the ongoing <a href=\"https:\/\/wncen.com\/2019\/03\/05\/bitcoin-miners-btc-bear-market\/\">bear market<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Goldmoney says that by exiting the crypto business, they can \u201cfocus on new growth initiatives within the precious metal industry.\u201d<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-374001\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/bitcoin-crypto-digital-gold-shutterstock_697167076.jpg?resize=1100%2C733\" alt=\"\" width=\"1100\" height=\"733\"><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Can Bitcoin Ever Become Digital Gold?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">While it\u2019s not clear where the <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> as digital gold moniker originated from, it was popularized following Nathaniel Popper\u2019s book on \u201cBitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Since then, the digital gold narrative tied in closely to Bitcoin\u2019s store of value narrative. <a href=\"\/tag\/gold\" rel=\"nofollow\">Gold<\/a> 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">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.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/03\/06\/lightning-dev-explains-why-bitcoin-is-poised-to-become-the-global-currency\/\">Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The decline in Bitcoin\u2019s 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.<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p class=\"p1\"><span class=\"s1\">However, should Bitcoin continue to follow its logarithmic growth curve, relative volatility should decrease and the leading crypto by market cap\u2019s 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 \u2013 it doesn\u2019t need a comparison to such archaic asset classes to survive or even thrive.<\/span><\/p>\n<pre>Images from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s most prominent precious metal-focused investment firms drops crypto as a whole, Bitcoin\u2019s positioning as digital gold may be in trouble. Goldmoney Drops Crypto, Harming the Bitcoin As Digital Gold Narrative Goldmoney, which claims to be the \u201cglobal leader in precious metal custody,\u201d and \u201cthe world\u2019s most trusted name in precious metals,\u201d has \u201cdecided to exit the cryptocurrency business.\u201d 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 \u201coverwhelming success\u201d 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\u2019s clients. Customers who use Goldmoney for custody of crypto assets will be required to either liquidate their position or \u201crequest that their cryptocurrency be delivered to their wallet.\u201d 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. &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) March 7, 2019 The Goldmoney Board of Directors reportedly made the decision after a review of \u201cseveral factors.\u201d 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 \u201cfocus on new growth initiatives within the precious metal industry.\u201d Can Bitcoin Ever Become Digital Gold? While it\u2019s not clear where the Bitcoin as digital gold moniker originated from, it was popularized following Nathaniel Popper\u2019s book on \u201cBitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.\u201d Since then, the digital gold narrative tied in closely to Bitcoin\u2019s 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\u2019s 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\u2019s 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 \u2013 it doesn\u2019t need a comparison to such archaic asset classes to survive or even thrive. Images from Shutterstock<\/p>\n","protected":false},"author":517,"featured_media":374061,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,5294,12384,2209,2216,5845],"class_list":["post-373994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-digital-gold","tag-george-soros","tag-gold","tag-goldmoney","tag-precious-metals"],"acf":[],"yoast_head":"\n<title>Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?<\/title>\n<meta name=\"description\" content=\"The world\u2019s most prominent precious metal-focused investment firms is dropping crypto as a whole, hurting the Bitcoin as digital gold narraritve.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/precious-metals-firm-drops-crypto-is-the-bitcoin-digital-gold-narrative-in-trouble\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?\" \/>\n<meta property=\"og:description\" content=\"The world\u2019s most prominent precious metal-focused investment firms is dropping crypto as a whole, hurting the Bitcoin as digital gold narraritve.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/precious-metals-firm-drops-crypto-is-the-bitcoin-digital-gold-narrative-in-trouble\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-09T13:04:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/03\/shutterstock_220523407.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"668\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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