Daniel Marburger, director of a gold online trading in Europe, CoinInvest, said the company sold about 30 pounds of gold worth more than $ 1 million in just one day, January 16.
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This last month was very volatile for Bitcoin and several analysts believe investors are looking for more stable assets. Bitcoin, along with most other crypto-coins, fell by more than 40%, causing an increase in gold investment.
Marburger told Bloomberg that gold bullion sales rose five times on January 16, at a time when the crypto-coins were devaluing.
"[Tuesday] was a crazy day," Marburger said, adding that "emails and phones were not" stuck "with customers asking how they could turn their crypts into gold."
A similar situation has been described by GoldCore LTD, based in Ireland, where customers are leaving the crypto-coins and buying physical gold in the last three months.
"They told us they were worried that the huge appreciation of prices and that increase was unsustainable. We think that more and more people are realizing that these digital assets have much higher risk levels than the more traditional gold assets, for example. "
Gold
In early December 2017, when crypto-currency prices hit record highs, Larry McDonald, head of ACG Analytics's macro-American strategy, told CNBC that investors were selling gold to buy Bitcoin during November and December 2017.
"The Cryptomoedas are definitely eating the piece of gold," McDonald said at the time.
This inverse dynamics serves as further evidence of a possible negative correlation between investor interest in gold and crypto-coins.
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