Tag - Bitcoin
Thursday, January 25 2018
By GCRU Gold News on Thursday, January 25 2018, 22:54
Bitcoin’s parabolic price rise was the big story of 2017 – putting the spotlight on the cryptocurrency market. While gold’s performance was a solid 13%, it was a fraction of the 13-fold increase of bitcoin by the end of the year.
Wednesday, January 24 2018
By GCRU Gold News on Wednesday, January 24 2018, 02:10
The seventh network effect is going to be world reserve currency status. That’s when bitcoin becomes a reserve asset much like gold or the dollar.
Thursday, January 18 2018
By GCRU Gold News on Thursday, January 18 2018, 23:42
“It is likely that cryptoassets such as Bitcoin will emerge as their own asset class and thus have the potential to develop into an interesting investment and diversification instrument. Bitcoin itself could over time assume a similar role as gold.”
“As an asset, however, Bitcoin and alternative blockchain-based tokens should not be neglected. The innovation makes it possible to represent digital property without the need for a central authority. This can lead to the creation of a new asset class that can mature into a valuable portfolio diversification instrument.”
Friday, January 5 2018
By GCRU Gold News on Friday, January 5 2018, 02:12
Mr Ndoum said central banks in Africa “may buy euros, Swiss franc, or Australian dollar or New Zealand dollars but they can also invest in this bitcoin because big investors in the world believe that this bitcoin will be a new digital reserve currency and reserve currencies are for central banks, and the central banks also have the technical capability to make a decision on this.”
He believes that the digital currency is the future of value and banking, “They central bank have the people and staff who can study the technology, the regulation and can make a decision.”
What if this continent could finally build consensus around a new digital reserve asset – and figure out ways to fund infrastructure development by leveraging it?
Thursday, December 28 2017
By GCRU Gold News on Thursday, December 28 2017, 01:35
Interesting comments on the "digital gold" from way back in the 1990's.
I remember goldbugs citing Lord Rees-Mogg when touting the gold case way back then....(:-)))
Friday, December 8 2017
By GCRU Gold News on Friday, December 8 2017, 01:06
For more than 15 years, APMEX has been an industry leader and along the way has adapted to the growing needs of our customer base. As bitcoin becomes more popular and widely accepted as payment, we are thrilled to welcome the use of this cryptocurrency for buying Gold, Silver and other Precious Metals by integrating BitPay into our website.
With BitPay integration, APMEX customers can now pay using bitcoin and complete their order in seconds. Because bitcoin works like cash for the Internet, customers enjoy a quick process, as the only delay is in the “mining” required of all bitcoin purchases. Additionally, all eligible bitcoin orders will be processed and shipped within one business day of your payment’s clearing and processing with the QuickShip® guarantee (domestic orders only).
Buyers can make purchases with bitcoin at any time, from nearly anywhere, just as with most credit cards. International orders become significantly easier as cryptocurrency like bitcoin is accepted worldwide without conversion. Also, many customers prefer Bitcoin payment because of the anonymity offered by a blockchain purchase.
Wednesday, December 6 2017
By GCRU Gold News on Wednesday, December 6 2017, 05:32
Bitcoin could join gold as a reliable, long-term way to store wealth as the cryptocurrency gains users and value in a craze which JP Morgan’s analysts believe may turn into something resembling a more traditional asset class.
Friday, November 24 2017
By GCRU Gold News on Friday, November 24 2017, 02:04
The manager of Old Mutual Gold & Silver Fund, a precious metals fund with over $220 mln under control has said Bitcoin is “paving the way” for a global gold comeback.
“Bitcoin was explicitly designed to be digital gold,” he said.
“So if you’re going to have a small proportion of a fund in Bitcoin, it should be in a gold fund because that’s exactly the point.”
Tuesday, November 21 2017
By GCRU Gold News on Tuesday, November 21 2017, 02:42
Sure, a fiat money system where central banks can and do literally print money at will has its weaknesses. That’s why hard assets like gold are so popular among smart investors: as real stores of value, they provide a safety net against currency depreciation.
However, it’s doubtful that the same applies to cryptocurrencies. Despite what the crypto-evangelists will tell you, digital tokens will never and can never replace gold as your financial hedge.
Thursday, November 16 2017
By GCRU Gold News on Thursday, November 16 2017, 23:31
“More people are now searching online for how to buy bitcoin than they are searching for how to buy hold,” according to Google Trends. Gold is the classic hedge against stock market volatility, especially during downturns.
It certainly doesn’t help to have a booming stock market at the moment along with a new commodity asset in cryptocurrencies. Leaving out the entirety of the legacy markets, bitcoin alone has appreciated many hundreds of percentages in just 2017.
The latest World Gold Council report of 8 November 2017. It “showed demand for bullion fell to 915 tonnes in three months to September, down 9 per cent from the same period a year ago.”
Saturday, November 11 2017
By GCRU Gold News on Saturday, November 11 2017, 01:40
We were one of Wheaton Precious Metals’ seed investors in 2004, when it was known as Silver Wheaton. Because Franco-Nevada wouldn’t be spun off from Newmont Mining for another three years, Wheaton had first-mover advantage. It was something new, something different. This, coupled with what I recognized as a superior business model, gave me the conviction to allocate capital into the fledgling company, a move that turned out to be highly profitable.
Today I have the same conviction in blockchain technology and digital currencies. As of the end of October, the initial coin offering (ICO) market had raised $3 billion so far this year. That’s more than seven times the amount generated in crowdfunding in all of the previous years before 2017. And Bloomberg just reported that Google searches for “buy bitcoin” recently surpassed searches for “buy gold.”
Wednesday, November 8 2017
By GCRU Gold News on Wednesday, November 8 2017, 02:56
In this interview, Ammous explains why bitcoin is valuable, why it is so close to and in some respects even better than gold, and why it could usher in an era of sound money for the 21st century.
Thursday, November 2 2017
By GCRU Gold News on Thursday, November 2 2017, 22:04
Wednesday, October 18 2017
By GCRU Gold News on Wednesday, October 18 2017, 11:10
Gold wins out over cryptocurrencies when assessed on the majority of the key characteristics of money, according to Goldman Sachs Group Inc., which adds that fear and wealth are the core drivers of bullion.
“Precious metals remain a relevant asset class in modern portfolios, despite their lack of yield,” analysts including Jeffrey Currie and Michael Hinds wrote. “They are neither a historic accident or a relic.” Looking at properties such as durability and intrinsic value, they are still relevant even with new materials discovered and new assets emerging, such as cryptocurrencies, they said
Friday, October 13 2017
By GCRU Gold News on Friday, October 13 2017, 23:11
Gold has for hundreds of years been a safe haven of steady growth investment, due to its stability and attachment to geopolitical events. Through the years, and changes in monetary policies, even the inflation of currencies, gold has remained steady.
However, there’s a new kid on the block when it comes to a store of wealth, especially one that is unmatched by any centralized authority. Bitcoin has been ruling the roost when it comes to asset growth that is similar to gold.
Sunday, October 8 2017
By GCRU Gold News on Sunday, October 8 2017, 11:42
Bitcoin and all the other cryptocurrencies are gaining traction, that is clearly shown by trading volumes and Google search data.But the traction the cryptocurrencies have gained is NOT killing the physical gold market.
However, I do believe the junior mining executives will have to do a better job of retaining and attracting the speculative dollars available to buy their stock. Now, more so than ever, speculators have access to new or previously forbidden sectors like cryptocurrencies and the 400+ marijuana companies in North America. Weak and struggling junior resource stocks will wither and die at faster rates.
Like it or not, gold executives and gold investors, you have a major new competitor in the form of cryptocurrencies.
Saturday, October 7 2017
By GCRU Gold News on Saturday, October 7 2017, 01:38
But I don’t think for a second that cryptocurrencies will ever replace gold, for a number of reasons. For one, cryptos are strictly forms of currency, whereas gold has many other time-tested applications, from jewelry to dentistry to electronics.
Unlike cryptos, gold doesn’t require electricity to trade. This makes it especially useful in situations such as hurricane-ravished Puerto Rico, where 95 percent of people are reportedly still without power. Right now the island’s economy is cash-only. If you have gold jewelry or coins, they can be converted into cash—all without electricity or WiFi.
Finally, gold remains one of the most liquid assets, traded daily in well-established exchanges all around the globe. Every day, some £13.8 billion, or $18 billion, worth of physical gold are traded in London alone, according to the London Bullion Market Association (LBMA). The cryptocurrency market, although expanding rapidly, is not quite there yet.
I will admit, though, that bitcoin is energizing some investors, especially millennials, in ways that gold might have a hard time doing. The proof is all over the internet. You can find a number of TED Talks on bitcoin, cryptocurrencies and the blockchain, but to my knowledge, none is available on gold investing. YouTube is likewise bursting at the seams with videos on cryptos.
Bitcoin is up 350 percent for the year, Ethereum an unbelievable 3,600 percent. Gold, meanwhile, is up around 10 percent. Producers, as measured by the NYSE Arca Gold Miners Index, have gained 11.5 percent in 2017, 23 percent since its 52-week low in December 2016.
Thursday, September 28 2017
By GCRU Gold News on Thursday, September 28 2017, 22:24
Goldmoney a precious metal financial service and technology company, today unveiled the addition of vaulted Bitcoin and Ethereum as secure and fully-reserved offline investable assets within the Goldmoney® Holding, a major enhancement that allows qualified clients to buy, sell, and exchange cryptocurrencies with nine global currencies as well as gold, silver, platinum and palladium bullion.
Sunday, September 17 2017
By GCRU Gold News on Sunday, September 17 2017, 22:58
It wasn’t supposed to pan out this way. Goldbugs have been luridly prophesizing the withdrawal of confidence from the monetary system, a monetary system whose basic premise was “trust me”, since France cashed out its U.S. dollars for gold back in the sixties. In fits and starts we’ve been right; that gold is no longer $35/oz speaks to as much. But now there is bitcoin and we all look like schmucks. When the tide went out, it was we who were supposed to get the yellow Porsche. But no the dudes eating our lunch were born twenty years after Nixon closed the gold window, wear headphones and sound more puritanical than we ever did.
Tuesday, September 5 2017
By GCRU Gold News on Tuesday, September 5 2017, 01:00
Mark Mobius is sensing danger in the explosive growth of cryptocurrencies.
Governments will begin clamping down on digital currencies because of their use in illicit financing, with terrorist groups to drug dealers contributing to their rise, Mobius, executive chairman at Templeton Emerging Markets Group, said in an interview in Hong Kong Monday.
“Cryptocurrencies are beginning to get out of control and it’s going to attract the attention of governments around the world,” Mobius said. “You’re going to get a reversion back to gold because people are going to wonder, can I really trust these currencies?”