'Panicky' Crypto Investors Furiously Exchanging Coins For Gold

Sharing is Caring!

by Adam
Take this with a grain of salt, as The Sun is not a beacon of high journalism, but I’m familiar with many of the legitimate sources they quote in this article. Also, the piece links to a similar article from The Times (which is premium, else I’d post that one instead):

GAME’S UP? Panicky Bitcoin investors struggle to withdraw cash from money exchanges as they look to ‘safe’ gold investments amid fears of cryptocurrency collapse

THERE are mounting fears that Bitcoin investors will struggle to get their cash out after the cryptocurrency’s value fell 40 per cent in a single month.
Many are looking to put their money in gold instead, with some European gold traders reporting a “five fold increase” in demand amid fears Bitcoin could collapse entirely.
Concerned investors have since taken to social media to complain they fear losing anything from a few thousand dollars to their entire “family savings”(…)
This uncertainty is driving Bitcoin owners to invest in the more reliable gold, according to Daniel Marburger, director of Coininvest.
He told the Times how he sold 30kg of gold worth around £1million on “one crazy day” – January 16.
Investors are believed to mostly be exchanging their Bitcoins for sovereign coins of gold Britannia, one ounce of which is worth around £,1000.

Click here to read the full article.
Simply as a supportive anecdote, several of the active crypto traders who attended this weekend’s series of Summits mentioned they, too, were also currently engaged in exchanging some of (I don’t know the amounts or the frequencies) their coin holdings for gold.

See also  What is Crypto and How to Get Started?
See also  How to Earn Ripple to Boost Your Crypto Savings Investment

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.