THELOGICALINDIAN - Bitcoin has been pitched as and has the abeyant to be a lot of things a all-around crypto bill a abundance of amount and agenda gold
However, as one of the world’s best arresting adored metal-focused advance firms drops crypto as a whole, Bitcoin’s accession as agenda gold may be in trouble.
Goldmoney Drops Crypto, Harming the Bitcoin As Digital Gold Narrative
Goldmoney, which claims to be the “global baton in adored metal custody,” and “the world’s best trusted name in adored metals,” has “decided to avenue the cryptocurrency business.” The close offers its barter the adeptness to buy and abundance antecedent metals such as silver, gold, platinum, and palladium.
The George Soros-backed Goldmoney began alms the absolute acquirement of cryptocurrencies on its belvedere aback in November 2024 appropriate as Bitcoin fabricated its brief ascendance to its best aerial of $20,000. The close cited the “overwhelming success” it saw buy acceptance its barter to acquirement adored metals with crypto as acumen for abacus the advantage to acquirement crypto anon through Goldmoney.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
Starting this accomplished week, crypto purchases are no best accessible to Goldmoney’s clients. Customers who use Goldmoney for aegis of crypto assets will be appropriate to either cash their position or “request that their cryptocurrency be delivered to their wallet.”
So I apprehension https://t.co/PQH72n0kEe accept aback chock-full alms Crytpo-currency casework [BTC] to their customers. They accept been accustomed 2 months to move their funds.
— dave the beachcomber (@davthewave) March 7, 2019
The Goldmoney Board of Directors reportedly fabricated the accommodation afterwards a analysis of “several factors.” Those factors acceptable accommodate crumbling absorption in cryptocurrencies as the abatement in cryptocurrencies deepens during the advancing bear market.
Goldmoney says that by departure the crypto business, they can “focus on new advance initiatives aural the adored metal industry.”
Can Bitcoin Ever Become Digital Gold?
While it’s not bright area the Bitcoin as agenda gold moniker originated from, it was affected afterward Nathaniel Popper’s book on “Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money.”
Since then, the agenda gold anecdotal angry in carefully to Bitcoin’s abundance of amount narrative. Gold is generally advised amid the aboriginal anytime food of value, and is generally looked to as a barrier to advance amount during times of bread-and-butter distress.
Bitcoin, should it anytime become a abiding asset in agreement of amount volatility, could some day become a reasonable abundance of value, agnate to adored metals like gold. However, accustomed the actuality that Bitcoin has collapsed over 85% from its antecedent best high, it is more difficult to alarm it a abundance of amount back its amount has consistently plummeted since.
Related Reading | Lightning Dev Explains Why Bitcoin Is Poised To Become the Global Currency
The abatement in Bitcoin’s amount and crumbling absorption in the bazaar afterward the crypto balloon pop has alike acquired adored metal firms such as Goldmoney, to not alone canal crypto, but the abundance of amount anecdotal altogether.
However, should Bitcoin abide to chase its logarithmic advance curve, about animation should abatement and the arch crypto by bazaar cap’s amount should one-day stabilize, abating the abundance of amount and agenda gold concept. Until then, though, Bitcoin will flash as a abstract asset and a decentralized all-around bill – it doesn’t charge a allegory to such ancient asset classes to survive or alike thrive.
