"There's really only one kind of digital gold - and it's not Bitcoin" | Eurasia Diary - ednews.net

11 December, Tuesday


"There's really only one kind of digital gold - and it's not Bitcoin"

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The pair has unveiled OneGold, describing it as the first dedicated online platform for investing in digital bullion "to help everyone become a precious metals investor", with the digital gold and silver 100% backed by physical metal stored at the Royal Canadian Mint, Mining Journal reported.

"There's really only one kind of digital gold, and it's not Bitcoin or other cryptocurrencies," Sprott CEO Peter Grosskopf said.

"What differentiates the digital gold and silver available on OneGold is that they are backed by physical assets, and investors can easily buy, sell or redeem for physical metal.

"Digital gold combines the stability, risk diversification and long-term store of value provided by physical gold with the security and efficiency of blockchain technology, without the significant limitations of Bitcoin or other cryptocurrencies."

APMEX CEO Ken Lewis said the launch was a major milestone for both companies "as we enter the next era of precious metal investing".

He said they looked forward to offering additional digital precious metal options in the future.

OneGold is the latest offering in a series of cryptocurrency-inspired investment options.

The buzz surrounding Bitcoin last year dampened investor interest in junior miners and the gold price and prompted the World Gold Council to release a report in January, arguing the new arrivals could not replace gold. 

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