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The meteoric rise of Bitcoin prices in 2017 captured the imaginations of investors. Whilst cryptocurrencies are being primed as the currency for the future, there is a lot of uncertainty about Bitcoin’s credentials as an investment instrument. Gold has a strong history that consistently proves the yellow metal is a reliable store of wealth.
Why invest in Bitcoin
Bitcoin is one of the most exciting financial instruments on the market right now. The potential for investors to earn considerable gains is massive, but in a highly volatile market, there is also potential to lose your stake. The issue with Bitcoin is that the future of cryptocurrencies is uncertain.
There are advantages to owning Bitcoin. Cryptocurrencies are digital coins that are tethered to Bitcoin. When the price of cryptocurrencies goes up, the price of Bitcoin is also expected to increase. There is a strong likelihood that countries around the world will become cashless societies and the global financial system will be fully digital.
If this should happen, Bitcoin represents an exceptional investment choice. However, banks are also developing digital tokens and government regulations may stunt the growth, or even ban the use of Bitcoin. As a short-term investment, Bitcoin looks a good investment and earnings up to a rate of $5,500 (or $6500 for over 50’s) can be added to your retirement plan. As a long-term investment there is too much uncertainty to categorically judge whether Bitcoin has any worth.
Why invest in gold
The clear advantage gold has over Bitcoin is reliability. The yellow metal has been used as a store of wealth for over 5000 years and the value consistently increases over time. Investors trust gold because it always performs well in times of financial uncertainty and can be used to hedge against paper-backed assets.
Furthermore, gold is a tangible asset that is high demand. Bitcoin is a digital asset which relies on the internet and other technologies for it to have any value. If world governments decide digital currency is not a reliable replacement for paper money, Bitcoin and other cryptocurrencies will not have any value in the future.
Gold is also proven to respond well in times of economic downturns. Whilst assets backed by the US-dollar struggle to maintain momentum, investors can trust gold to increase in value over time. The price of Bitcoin is historically volatile. Furthermore, nobody knows how it will perform during a financial crisis.
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Investors are questioning whether Bitcoin will unseat gold as the universal store of wealth. The reality is that both gold and Bitcoin will co-exist as complementary assets. However, until banks and governments make a decision on the best way to organise the global financial system, Bitcoin could be a short-lived gambling game for investors.
Gold IRA provide professional financial advice and assistance for investors looking to make the right choices for your retirement plan. Our experienced experts will explain your best options in relation to your current circumstances together with current and the predicted status of financial markets.