“Bitcoin hits $1,900 to reach record high with market cap up $4 billion this week alone”-cnbc.com.
“As Bitcoin Soars, Is It The New Safe-Haven Play?” –Kitco.com
Bitcoin has broken through $1900 for the first time today, as trade in Japanese Yen and Korean Won reportedly fuels today’s rise.
The recent rise in Bitcoin-both in price and in the headlines-may have some investors questioning whether or not this is an “asset class” that they ought to consider.
So far, it appears that Asian investors may be more interested in the digital currency as it gives them a way to move money out of country. In the U.S. and other locations, however, Bitcoin still appears to be nothing more than a speculative play.
Consideration of Bitcoin as a new safe haven play is interesting-as the digital currency tumbled early this week after cyber attackers demanded a ransom in the digital currency. Although the currency itself may not have been affected, the Bitcoin ransom demand involved in the cyberattack certainly did not do Bitcoin any favors.
Perhaps more importantly, however, is the question of whether or not the digital currency can and will remain secure from cyberattack. As hackers become more and more sophisticated, the likelihood of a major breach could potentially rise. Imagine, for a moment, finding out that all of your electronic money has been stolen or wiped out…
In our view, although Bitcoin may have some distinct differences from fiat, or paper currencies, it is still susceptible to significant risks-not to mention the fact that the digital currency does not even have a long track record of reliability.
Want to talk safe haven assets? What about an asset that:
- You can hold in your hands
- Is recognized and valued all over the globe
- Has been a reliable store of wealth and value for thousands of years
- Carries no counterparty risk
- Cannot be compromised by hackers of cyber attack
If this seems appealing to you, then physical gold is the answer.
Gold is a hard asset that you can touch and feel, unlike bitcoins which exist only “digitally and electronically.” Gold can be used as a medium of exchange anywhere in the world, and it is held by some of the largest financial institutions on the planet.
If you want to allocate part of your holdings to a safe haven asset that has been tried and true for centuries, consider an allocation in physical gold.
Adding physical gold to your holdings has never been easier than it is today. Speak with an Advantage Gold account executive today about the potential benefits of physical gold. Our precious metals professionals are here to answer any questions you may have, and can even show you how to take advantage of your IRA account for buying and holding physical gold.
Don’t put your financial future at risk on a speculative electronic currency, or any other “next big thing.” Go with a proven winner that is trusted all over the world. Go with gold.
Call Advantage Gold today at 1-800-341-8584 to get started.
Tags: advantage gold, asset class, bitcoin, cyberattack, digital money, gold, ransomware, safe haven