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17 Jan, 2018 15:00

Online gold coin sales soar 400% as cryptocurrencies plunge

Online gold coin sales soar 400% as cryptocurrencies plunge

Amidst a huge sell-off on the cryptocurrency market demand for gold coins is picking up. Sales jumped fivefold on Tuesday at one of Europe’s largest online dealers.

According to CoinInvest Director Daniel Marburger, the company sold almost 30kg of gold, worth $1.2 million in the spot market.

It “was a hell of a crazy day,” Marburger told Bloomberg, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

He said that one bitcoin currently buys about eight one-ounce Britannia gold coins. Physical gold bullion holds attraction for bitcoin investors because the assets have much in common, explained Marburger.

“Both are limited in quantity, easy to trade and you can store them decentralized,” he said. “The advantage for gold – no passwords you can lose, the volatility is much lower, sustainable growth and in the end you can hold your investment in your hands.”

Bitcoin, the world’s major cryptocurrency, has lost more than half of its value in the last month, trading down more than 20 percent on Wednesday, at $9,724. Other top virtual currencies, including ripple, ethereum, and bitcoin cash also suffered significant losses. The cryptomarket freefall followed reports of tighter policy measures from regulators in China, Brazil, and India.

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