How to convert cryptocurrency to gold and keep your wealth.

Recently, the media has talked about a significant increase in young people investing in gold and other precious metals. In addition, with the development of digital platforms that allow you to buy gold online, the number of investors using these resources has increased almost fivefold.

Michael Lillelund and Sean Houghton of My Gold Platform, a company that trades physical gold internationally and offers clients investment advice and safe delivery or storage, shared their views on the current state of affairs.

Gold is a safe investment. It is popular among investors all over the world, especially in times of economic uncertainty. Gold demand tends to rise during periods of financial or political instability, confirmed during the COVID-19 pandemic. My Gold Platform believes that gold is one of the safest and most secure investments available in our volatile and volatile world.

You recently started accepting cryptocurrency as payment. How has your business changed, especially considering that you are trading in physical goods? For what reasons did you adopt digital currency?

It is an exciting addition to the possibilities, and My Gold Platform is the only UK online gold trading company that currently accepts cryptocurrency as payment. Cryptocurrency is a suitable medium of exchange for buying and selling goods around the world, which is why we decided to take it. It goes alongside traditional payment methods such as credit and debit cards and bank transfers.

However, cryptocurrency is not necessarily a form of long-term investment due to its volatility. Still, more and more people are keeping their money in cryptocurrency, which means that investors who would like to transfer their funds from cryptocurrency to precious gold can do so directly through the My Gold Platform. In addition, this system allows a wide variety of cryptocurrencies is using to pay for physical gold.

You see gold and other precious metals as a “true store of value.” Could you please clarify what you mean?

The oldest gold items ever found in archaeological excavations are about five thousand years old. These little pieces of gold were perfect, not damaged in the least, and they retained their value. However, if you think about the currencies that we have today, none of them found the times of the Roman Empire, and even more so, we’re not in circulation during this period of history.

Gold is a universal currency that continues to survive as world currencies rise and fall in value.

Gold retains its value during economic downturns, inflation and even catastrophic world events. It is what we mean when we say that it is the only actual store of value.

You are only dealing with physical gold. But what about “paper”? Tell us what is the difference and why did you decide to sell exclusively physical goods?

In today’s online world, people think they are buying real gold and therefore own it. They go to an investment or banking website, purchase an ounce of gold, and for their investment, often receive a piece of paper that says they own one ounce of the precious metal. Reliable sources estimate that about two hundred people already own every physical ounce of gold in London.

If they all request the delivery of their ounce of metal simultaneously, market maker banks have only two options. First, they will default because they don’t have adequate reserves or will force to make up for the physical deficiency smartly.

Given that the supply of physical gold is not that great, this unexpected demand could significantly raise the precious metal price. For this reason, we only work with physical gold. If a customer buys an ounce of gold, he must receive it. Buying so-called “paper gold” is a considerable risk because all you have is a piece of paper that promises you a precious metal. The secret of physical gold, besides its rarity, is that it carries no counterparty risk.

If you would like to advise young entrepreneurs or investors, what would it be?

The primary advice is never to give up and persist. Instead, surround yourself with people who know what you don’t. Technology is also an essential factor, especially in a pandemic where much has been made possible only by investment in technology.

Be careful about debt matters. The younger generation does not know what high-interest rates are. There is an opinion that zero interest rates will stay with us forever, but this is not the case. When rates rise, high levels of debt can be ruinous.

The last tip is to take care of your well-being. Gold is a reasonable investment. It largely resists the impact of economic collapse and does not lose value in the same way that stocks or property do.

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