There is a new cryptocurrency being added to the mix. Known as DIGau, the currency will be tied to physical gold, meaning that it has the support of something many investors consider a set deal and a store of wealth, which qualifies it as a stable coin. The coin is coming our way through the efforts of a New York City real estate mogul named Kent Swig.
Kent Swig Sees Cryptocurrency in a Whole New Light
There are cryptocurrencies being added to the digital industry on a regular basis, and many are alleged to be more stable than standard mainstream coins. Bitcoin, for example, is still the largest and most popular digital currency available today, though some investors look down on the asset or seek to avoid it out of fear that the currency will sink into oblivion. The asset has become known as one of the most volatile to date, and thus some are more intrigued by the prospects of gold and fiat-backed currencies.
Swig’s efforts are impressive in that he has already managed to secure approximately $6 billion in gold reserves to back the new asset. As a 60-year-old traditional investor, Swig has a long history with gold, and even owns part of a company called Dignity Gold, which is stationed in both Arizona and Nevada.
However, his introduction to cryptocurrencies was incremental and came through advice from his teenage son. In a recent interview, Swig states:
Gold was one of the original rock-solid backings of all currencies. We are not reinventing the wheel, here. What we are doing is applying the world’s stable backing of a lot of things to a very advanced technology.
Overall, he feels that the cryptocurrency industry is “extraordinary” and that he would be missing out on some vast opportunities if he did not jump in quickly. While his coin is not the only one to be backed by gold (Tether has issued a digital token known as “Tether Gold” in recent years), the venture is still something he takes very seriously, and he has spent the last 18 months of his life hunting down the billions of dollars he felt was needed to back up all circulating units.
Gold Is Making All the Difference
For the most part, gold has been hitting high notes since January of last year. It is presently up roughly 14 percent over the past 15 months, though cryptocurrencies have largely been dominating the investing space since then. Bitcoin has risen, for example, more than 700 percent within the same timeframe, and is currently trading at a new all-time high of more than $63,000 per unit.
Swig is also unique in the sense that while his company technically stands as an institutional family office – many of which have gotten involved in crypto trading as of late – his is among the first to establish a digital currency of its own.