Researchers in China have found a way to produce gold which may lead to a serious drop in the gold demand and open new opportunities for Bitcoin.
One of the reasons why gold is considered as hedge to a failing economy is because of its inverse correlation with fiat money.
‘Bitcoin is not the new gold,’ Goldman Sachs said in the note to its clients.
In this article the author will take Bitcoin as a representative of all cryptocurrencies and gold as a ‘safe haven’ assets.
In this article we will try to forecast the cryptocurrency market with the bitcoin as an example.
Euroclear and Paxos are preparing for the launch of the Bankchain service that is expected to deliver lower costs and lower risk for the London gold market.
The People’s Bank of China explained that it would begin blacklisting exchanges that would continue violating the regulations.
The news can be a sign that Bitcoin is becoming more mainstream and investors get more interested to invest in the cryptocurrency.
The market will be underpinned by up to $1bn in gold bars, or around two tonnes at current prices.
BitStamp offers to exchange gold only for US dollars now but it is going to add a bitcoin-for-gold option soon.