Atlanta-based Bitcoin-gold dealer Agora Commodities reports that it has seen a notable increase in bitcoin to gold transactions since the beginning of 2015 completing over 300,000 on Jan 13th alone.
Among the top reasons for this increase is not from investors getting back in the groove after the holiday season but rather because bitcoin holders are uneasy about short term price stability and are turning to gold as a hedge.
Agora CEO Joseph Castillo notes:
This is actually relatively standard. Gold is the undisputed king of value preservation. We are watching crude oil investors turn to gold to protect their wealth and we see the same from bitcoin holders.
Bitcoin has had a rough year. Exactly one year ago, bitcoin’s value was around $835. Currently holders are hoping bitcoin has support at $200. Joseph feels there is nothing to worry however, “Every day we have traditional gold and silver investors trading their precious metals for bitcoin.”
Agora Commodities is one of the largest brokers of bitcoin to bullion transactions. They have worked closely with Digital Tangible to create a gold-bitcoin real-time trading platform.