Bitcoin IRA, a company that allows people to add cryptocurrencies like bitcoin, Ethereum and bitcoin cash to their retirement portfolios, has announced that it is adding physical gold to its list of buyable and tradeable assets.
Bitcoin IRA Gives Gold to Its Customers
Gold has been at the center of much controversy as of late. Many considered bitcoin a version of “digital gold” in that it is widely looked at as a potential “safe haven” asset – something that will potentially allow buyers and users to retain their wealth during hard economic times.
However, bitcoin has dropped significantly in value over the past month as the coronavirus continues to take hold, and strangely, gold – which is often considered a “safe haven” alongside bitcoin – has also incurred drops along the way as things get hairy, putting its status in question with several investors.
Gold dropped to about $1,300 from $1,700 over the course of just few weeks, and many people’s faith in the asset dissipated along with their trust and belief in bitcoin. Many now are seeing cash as the ultimate commodity; something that will undoubtedly allow one to remain stable and wealthy during times of economic strife.
But just as this controversy was reaching a potential peak, gold suddenly decided to spike – as did bitcoin, which is now trading above the $7,000 mark for the first time in nearly a month. Maybe these assets aren’t as weak as investors thought.
The latest surge in the demand for gold following this rise has also put several gold providers in shambles. They are experiencing heavy orders and are currently out of stock on supplies, meaning traders and investors are dealing with long wait times or shipping delays and expensive premiums.
However, Bitcoin IRA claims it is not witnessing any of these problems given that all its gold supplies are delivered to investors digitally, thereby reducing the times needed to perform transfers and giving buyers a little added security in the process.
Why Diversifying Is Important
Bitcoin IRA provides traders with a 24/7 trading platform, meaning investors can purchase gold and other assets anytime they wish. Chris Kline – the COO of Bitcoin IRA – explained in a statement:
Alternative assets like physical gold can be key to effective portfolio diversification. Our goal is to continue expanding options for our clients. The current market environment makes it clear they are looking for more than traditional stocks and bonds.
Thus far, 2020 has been relatively promising for ventures like Bitcoin IRA. The company started the year out by lowering its trading fees to improve customer relations. It later released a survey that suggested bitcoin would soon go up by approximately $2,000. While this prophesy hasn’t been fulfilled quite yet, the prediction is moving closer to reality now that bitcoin has finally broken $7K.