Unless you’ve been sleeping under a rock you’ve more then likely heard about Bitcoin. This past holiday season it was the buzz word around many Thanksgiving dinner tables across the US.
First, Bitcoin reached the unprecedented price of $10,000 only to shortly close to double that mark by setting an all-time high of over $19,000 by the end of December. The majority of the popular altcoins followed Bitcoins lead and many skyrocketed “to the moon” as they say in the cryptocurrency space!
Well as they say, what goes up……must come down, and this is precisely what has happened to the majority of the cryptocurrency market since the start of the new year. Bitcoin has seen numerous very large dips during January with the latest crashing the price down on some exchanges to lower than $9,000!
Naturally this has many investors worried and seeking a better refuge for their money elsewhere. During the bull run at the end of 2017 many investors did however cash in and take some very nice profits.
So what does this have to do with the precious metals market? Well quite a bit actually. Precious metals have long held the mantle of being a financial safe haven and that has not changed. According to European gold traders, some are seeing a “five fold increase” in demand due to uncertainty of Bitcoin and the potential for a total collapse.
As reported on The Sun, a UK news outlet, the unknown to Bitcoin is driving people to invest their profits in the far less volatile precious metals market.
While there are many wild success stories coming out of the cryptocurrency space there are many more nightmare stories. The reality is if you got lucky in which coins you invested in and were able to get out with profit then count your blessings, and look to secure those profits in a safe, reliable manner.