Since its invention, Bitcoin has attracted significant interest among gold dealers. In Switzerland and its growing “Crypto Valley Zug,” the first precious metal trader to accept cryptocurrencies was Degussa Goldhandel GmbH. Through BitPay, their customers now can buy gold, silver, precious gifts, and more with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Besides two Swiss stores in Zurich and Geneva, the company runs multiple stores in Germany, one in Spain, and one in England.
Andreas Hablützel, Degussa’s CEO, explained the move to cryptocurrency: “Due to numerous inquiries from large-scale investors, who own or manage cryptomoney and would like to diversify the portfolio with the “safe haven” gold, we decided to accept digital currencies and thus to offer investors additional investment options.”
Besides selling precious metals, Degussa AG offers cryptocurrency owners an option to store their paper wallets with cryptocurrency codes securely in a safe deposit box. The company also plans to give customers the option to pay with cryptocurrencies for precious metals in the Degussa Switzerland online store.
Degussa’s daughter company in the UK, Sharps Pixley, announced that it would begin accepting cryptocurrency earlier than its owner, back in September 2017. At the time, company’s representatives explained the move was a way to offer wealthier clientele a way to invest in gold using cryptocurrency instead of fiat. This trend is especially apparent following Bitcoin crushes. One such crush wiped out over 40% of the cryptocurrency’s price in a month and so sellers are switching from digital gold to what many hold as “the real thing.”
“It is our view that many investors in Bitcoin would like the option of holding intrinsic value in a traditional safe haven asset like gold, and be able to switch across in a simple and cost-effective way,” said CEO Ross Norman.
“Customers as young as 25 come in carrying laptops holding Bitcoin they accumulated when it traded atGeneva US$1 or below,” Norman said. They come to turn those coins into gold.
Digital currencies and the related economic sector are growing in Switzerland and are also receiving political support from the government.
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