LOS ANGELES, May 31, 2017 /PRNewswire/ -- Bitcoin, the man-made cryptocurrency, has recently hit a new high. The virtual monetary system is outperforming gold nearly 2 to 1. So why aren't people buying it?
Bitcoin has been reappraised with major concern after hackers penetrated the digital system in July 2011, consequently raising red flags over its security. Since then, Bitcoin has made strides and regained favor with most investors but still struggles to crack down on illegal businesses utilizing the currency as a means to facilitate their transactions.
In this day and age of cyberwarfare, cryptocurrencies aren't appealing to the vast majority of the public. Just this month, a major cyberattack ravaged grids in at least 150 countries – targeting businesses, hospitals and government agencies in particular.
The primary market for Bitcoin is futures traders, not everyday investors. For individuals seeking a safe haven for their assets, gold has stood the test of time. The yellow metal is a reliable store of wealth that you can touch, see, and hold in your own possession. It cannot be printed, or artificially manipulated by a series of ones and zeroes on a screen.
While Bitcoin is an innovative virtual payment system, the man-made currency still faces many issues in terms of security and sustainability. The stability and versatility of gold as an investment commodity can't be paralleled.
"When we speak to our customers, we ask them, 'Would you rather have a bag of bitcoin or a bag or gold?'" said Jonathan Rose, CEO of Capital Gold Group.
"People chuckle and say obviously the bag of gold. I think that sums it up, no matter how high bitcoin trades, there will never be a substitution for true tangible wealth that has stood the test of time and is regarded as the ultimate hedge," said Mr. Rose.
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SOURCE Capital Gold Group