On 26th September, Sharps Pixley, the London bullion dealer, announced that it would accept the cryptocurrency Bitcoin as a form of payment for gold and other precious metals through BitPay, a payment processor startup.
The firm representatives stated that it is a move to provide wealthy clients with a way to invest in gold instead of government-issued currency. The CEO of the business, Ross Norman, claimed that investors in bitcoin would appreciate the option of holding intrinsic value in assets such as gold while being able to switch across in a rather cost-effective manner. The inception of Sharps Pixley dates back to the 18th century, and the ownership has changed hands over the decades. The firm opened a high-end gold showroom in London last year.
Bitcoin has always attracted tremendous interest among precious metal dealers and their customers. Even though it remains highly volatile, yet, its dollar value has more than tripled this year. However, its price fell from $5000 to less than $3000 after China laid its whip on cryptocurrencies and Jamie Dimon, the JPMorgan chief, labelled it as a fraud. But despite those negative publicity, cryptocurrencies are still holding strong in the market.