BitPay, the leading payment service for providing BitCoin has announced that they are starting a partnership with OneGold. OneGold is an online market platform that was established for purchasing, selling, and transferring of precious metals.
How Can Traders Buy Gold with BitCoin and other Cryptocurrencies?
On January 13th, BitPay, the main provider of BitCoin payment, has agreed to a partnership with OneGold. OneGold is an online platform, in the form of a mobile application that accepts payments in various cryptocurrencies. These payments include: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and other secure cryptocurrencies. Regarding the partnership, BitPay users will be able to save two percent when using the online service of OneGold.
According to the Chief Executive Officer, Kenneth Lewis, the partnership between BitPay and OneGold will be able to make it possible for consumers to preserve their revenues with the lowest cost of owning assets in the market. He stated, “Cryptocurrency holders are a natural fit as precious metals investors and can utilize OneGold to balance their investment portfolio. Using BitPay, cryptocurrency holders can quickly buy gold or silver at institutional pricing, save 2%, and create a nice balanced mix of gold, silver, and cryptocurrencies.”
What Does This Mean for Cryptocurrency Traders?
BitCoin has been constantly compared to gold, where Bloomberg reports that it is now equivalent to digital gold. This shows that there is a relationship between both ends and it is not the limited assets.
With a new financial report, it is expected that 2020 to be the year for safe-haven assets and investments, where the increase of movements in gold will act as a proxy for the performance of prices on BTC. A financial market analyst from Bloomberg, Mike McGlone, emphasizes on the case of the price increase on BitCoin’s value is due to political unrest that took place in the beginning of 2020. When that occurred, BitCoin and gold were both increased.
McGlone stated that, “The precious metal reached a seven-year high of $1,600, while its digital protege followed, netting a 20% rise.”
With OneGold, traders will be able to digitally hold precious metals and take possession. Once users of OneGold are ready to physically own the precious metals, they can transform their holdings of precious metals into physical precious metals; these metals are then shipped by APMEX at the same business day as the request.
With the partnership underway, many cryptocurrency traders can now enter into the trading industry of precious metals!