Cate McCurry, Pennsylvania
An Irish company has introduced the country’s first service that allows consumers to convert bitcoins into physical gold bars.
Core Bullion Traders has introduced a cryptocurrency payment service to allow consumers to convert their recent virtual earnings into physical ones.
Launched in partnership with Coinify, consumers can now purchase gold in a wide variety of cryptocurrencies on the Core Bullion Traders website.
Nigel Doolin, chief trading officer, said: “Anyone who has bought cryptocurrencies in recent months has noticed sharp increases, along with sharp flashing falls and more and more people need to buy their winnings.
“We present the service this week and we already have a consumer who puts seven digits of cryptocurrencies in gold.
“Essentially, we are turning a very simple asset elegance into an asset elegance in a very undeniable process. “
The service was introduced for a younger generation who are increasingly seeking refuge and shopping more often, according to Doolin.
With purchases of vacations, cars and houses suspended, gold purchases increased among those whose profits were not affected by the pandemic.
The new gold customer will be between the early to mid-30s, working in technology and still does not own it.
“I would say that 30% of our now comes from small investors in this profile.
“I’ve been at it for almost a decade, and a new cohort is emerging,” Doolin added.
“I realized that many other people used to spend 30,000 euros once a year, so now I receive other people who earn 6,000 euros more gradually, gradually accumulating their budget 4 or five times a year.
“Where the new service comes in is that many other people now use cryptocurrencies, but few have an exit strategy to perform banking and secure their profits, in fact, most people do not know how to liquidate the cryptocurrency.
“The oldest rule of the eBook is to diversify its portfolio, and our resolution has facilitated liquidation and transition to an elegance of assets that continue to function.
“Gold has returned to where it was 12 months, but in this area it rose by 35% and ended the year with a 25% advantage, so in any fluctuating market, gold has been a smart long-term bet.
“Gold is a matter of safety in times of uncertainty if you enter for the first time, take a look at the stable construction of the last 20 years.
“The genuine economic effect of the following year has been felt at this stage.
“When that happens, that’s when other people flock to gold. “