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Industry News

Cypto to Gold, Rush

January 17th 2018 | by Vangold

Amid the wild Bitcoin ride that’s wiped more than 40 per cent off the cryptocurrency’s price in a month, a pattern may be emerging: sellers are switching out of digital gold and into the real thing.

Bullion dealer Sharps Pixley, a subsidiary of Europe’s largest precious metal coin and bar outlet, regularly sees trades north of a million pounds, while sales of gold coins at Frankfurt-based CoinInvest jumped fivefold as the largest digital asset collapsed after surging 1,400 per cent last year, according to Director Daniel Marburger.

“Yesterday was a hell of a crazy day,” he said from Frankfurt. “Emails and phones did not stand still with customers asking how they could turn their crypto into gold.” ...

View More: http://business.financialpost.com/technology/blockchain/bitcoins-nouveau-riche-rush-to-turn-cryptocurrency-into-gold-amid-crash