Financial services company Bitreserve, which allows customers to hold funds in U.S. dollars, euros, pounds, yen and yuan, is now presenting gold as a non-fiat currency for users. Bitreserve members now have the option of holding gold through their Bitreserve accounts and exchanging it for bitcoin.
Bitreserve’s blog recently states:
“Today, gold is considered by many to be the safest and most stable store of value… We are reviving gold for the purchase of goods and services. Bitreserve members can convert their bitcoin to bitgold, whose value is substantiated by bullion in our reserve, but still spend it as bitcoin. By creating a bridge between the revolutionary Bitcoin protocol and good old gold bullion, we enable our members to instantly send or spend bitcoin from the ounces of gold held in their Bitreserve wallet.”
While the days of the gold rush are over and those rushing to San Francisco to pull it straight out the water are a thing of the past, gold still stands as a valuable form of currency. According to kitco.com, the price of gold has slumped in recent years, falling from a recent high of $1,900 per ounce in 2011, to about $1,200 per ounce in 2014. While this may seem like a lot, gold is still considerably higher now than it was just ten years ago in 2004, where it hovered at a dismal $412 USD per ounce. The fact is that gold, despite its high exchange rate, still holds a valuable profit margin, and its addition to the Bitreserve platform is sure to add a new branch of customers, particularly gold investors, to the organization’s growing list of clientele.
