Bloomberg writes about the rotation into gold
Digital gold might not be as good as the real thing.
One has a track record of a few years, the other has a track record for thousands of years.
After a nearly 50% drop in Bitcoin, owners of digital assets are cashing out and buying the old-fashioned store of value.
Bloomberg reports on surging interest at gold dealers.
"Yesterday was a hell of a crazy day," said dealer Sharps Pixley, a subsidiary of Europe's largest precious metal coin and bar outlet. "Emails and phones did not stand still with customers asking how they could turn their crypto into gold."
It was a similar story at GoldCore Ltd., where clients have been diversifying away from cryptocurrencies and into physical gold in both bars and coins, according to Director Mark O'Byrne.
"They told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it," he said in an emailed note. "We think increasingly people are realizing that these digital assets have much higher risk levels than the traditional safe haven asset."
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