Cryptocurrency News

Precious Metal Investment Firm Goldmoney Leaves Crypto Business Altogether, Drops Bitcoin Services

Recent bitcoin news shows Goldmoney has officially disregarded the likes of cryptocurrencies and its BTC services. The precious metals investment company has given bitcoin users two months to move funds to avoid any problems.

This has become nerve-wrecking for many crypto fanatics, given that Goldmoney is one of the world’s widely known precious metals’-based investment firm. Most importantly, this leaves many questioning whether Bitcoin can actually serve as an alternative to money, let alone gold – something that has been popularly suggested by many experts.

According to the firm, the reason for having included crypto to begin with was to give consumers more options. This led them in witnessing “overwhelming success”. So, what changed their mind? As per Goldmoney’s Board of Directors, many factors were assessed in arriving to the final decision.

Some of the said factors include possible decelerating interest in cryptocurrencies, not to mention the prolonged bear market that we have witnessed for nearly a year now.

Goldmoney believes that the exiting of one market, will help strengthen themselves within their respective market. In particular, it was shared that they can now, “focus on new growth initiatives within the precious metal industry.”

Does all of this imply that Bitcoin can never become a “digital gold”? Not necessarily, as it depends on how volatile Bitcoin becomes, that is, if it ever gets to become a stable asset, then the doors to opportunity can potentially open! At this moment, it is hard to tell considering that BTC has lost nearly 80-85% of its value since December 2017.

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