London bullion dealer Sharps Pixley announced on Tuesday that it will allow customers to buy precious metals including gold and silver through the virtual currency.
Digital Gold For Actual Gold
Bitcoin, which has also been fondly called ‘digital gold’, has seen its dollar value more than tripled since the beginning of the year. Although it still remains highly volatile, as evidenced by its fall from a high of $5000 to a low of $3000 earlier this month, Bitcoin is undoubtedly the world’s most popular cryptocurrency and has an ever-increasing user base. Therefore, it is not surprising to see the intermingling of the highest performing asset class with what has traditionally been regarded as the safest and most stable investment asset. Bitcoin and its underlying Blockchain technology have been used by pioneers and leaders of the precious metals industry in the recent past in various parts of the world.
Are cryptocurrencies currencies? Mike Novogratz says bitcoin works more like "digital gold" https://t.co/s1h93YsawD pic.twitter.com/aWXQVpZ19T
— Bloomberg TV (@BloombergTV) September 26, 2017
Sharps Pixley
Sharps Pixley is a well-respected bullion dealer based in London that established in 1778. Last year, they launched Britain’s first showroom that made gold coins and bars available to private investors in London’s elite district of Mayfair. The bullion broker said they would accept Bitcoin as payment for gold and other precious metals. This payment service, which would be offered through BitPay, would provide customers with “greater choice” to invest in more stable assets.
Sharps Pixley CEO Ross Norman said:
It is our view that many investors in Bitcoin would like the option of holding intrinsic value in a traditional safe haven asset like gold; and be able to switch across in a simple and cost effective way. That avenue is now open to them.
London gold dealer to accept bitcoin payment from customers https://t.co/HwLEJp78gy
— MetalsDaily.com – GOLD (@MetalsDaily) September 27, 2017
Despite their rich history, Sharps Pixley has demonstrated that they stay abreast of the latest developments in the world by adopting Bitcoin.
Giles Mable, a Business Development Director at the London based dealer, said:
We are bridging the gap between the world’s oldest currency and its newest, offering new and existing customers the means to exchange and diversify digital currency for a real, tangible asset which they can store and trade at Sharps Pixley.
This outlook comes as a refreshing change in a time where the old guard of finance and traditional investments has come out with scathing criticism of cryptocurrencies due to fears of being rendered obsolete by it.
Bitcoin supporters: it's going to replace all gold & more. Opponents: it's a fad & fraud. Larry Page: 😁 Bill Gates: 😁😁 pic.twitter.com/l2U3w98pfn
— Reza Zadeh (@Reza_Zadeh) September 27, 2017
What do you think about Sharps Pixley’s move to accept Bitcoin as payment? Do you think they have tapped into a small yet beneficial niche of investors? Does this bode well for the crypto-community’s long-term future? Let us know in the comments below.
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