Mar 29, 2020 09:00 UTC
Mar 29, 2020 at 09:00 UTC
Bitcoin backed with Gold is soaring high amidst the crisis!
There are a lot of things that one has to ensure before understanding the Bitcoin network. There are a lot of other things that one has to make sure before he understands investment with Bitcoin. There are a lot of products that the cryptocurrency is associated with and that means that the asset value of the products also increase as the value of Bitcoin increases along with it. Now there are a lot of other things that you need to make sure when there is an added improvement of assets and that is the same that is happening with bitcoin in the crypto market scenario.
What is happening?
There is much more to looking into the situation as there is a lot of improvement that gold backed bitcoin is seeing. This is mainly because the asset value is a steady one and is not influenced by any other factor when it is backed with Bitcoin.
There has been an exorbitant increase in the purchase of such bitcoin based gold and a lot of the traders around the globe who are dependent on such trades are benefitting at very large volumes.
Why such a peak in demand?
Paxos gold (PAX) and tether gold (XAUT) one of the prominent blockchain based gold distributors say that the demand for their products is increasing by the day amidst the crisis that is prevalent around the world. There are a lot of definite arguments that are coming up with regard to the same. Many of the experts in the field state that it is a very dedicated space for them to move ahead and develop this kind of products as these remain intact and will definitely attract a lot of investors as it is a precious commodity for them to make sure that the data is updated perfectly.
Now there are also other arguments that are rising on the horizon regarding the same. This type of products are pretty much accepted globally and this might be one of the steady reasons as to why there is a sudden purge demand in such kinds of products in the market.
There is also a price point difference that is experienced in this kind of transaction as the investor can redeem physical gold in exchange for the purchased token. This sounds like a safe bet with currencies getting banned for trade all over the world to suppress the pandemic.