link2058 link2059 link2060 link2061 link2062 link2063 link2064 link2065 link2066 link2067 link2068 link2069 link2070 link2071 link2072 link2073 link2074 link2075 link2076 link2077 link2078 link2079 link2080 link2081 link2082 link2083 link2084 link2085 link2086 link2087 link2088 link2089 link2090 link2091 link2092 link2093 link2094 link2095 link2096 link2097 link2098 link2099 link2100 link2101 link2102 link2103 link2104 link2105 link2106 link2107 link2108 link2109 link2110 link2111 link2112 link2113 link2114 link2115 link2116 link2117 link2118 link2119 link2120 link2121 link2122 link2123 link2124 link2125 link2126 link2127 link2128 link2129 link2130 link2131 link2132 link2133 link2134 link2135 link2136 link2137 link2138 link2139 link2140 link2141 link2142 link2143 link2144 link2145 link2146 link2147 link2148 link2149 link2150 link2151 link2152 link2153 link2154 link2155 link2156 link2157 link2158 link2159 link2160 link2161 link2162 link2163 link2164 link2165 link2166 link2167 link2168 link2169 link2170 link2171 link2172 link2173 link2174 link2175 link2176 link2177 link2178 link2179 link2180 link2181 link2182 link2183 link2184 link2185 link2186 link2187 link2188 link2189 link2190 link2191 link2192 link2193 link2194 link2195 link2196 link2197 link2198 link2199 link2200 link2201 link2202 link2203 link2204

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

Bitcoin SUCCESS sees Australia pledge creation of price stable gold-backed cryptocurrency

A NEW cryptocurrency backed by gold is set to be made by Australia’s largest gold refinery after the Chief Executive announced plans to increase investment in the country’s metals.

Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges.

Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.

“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”

He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”

Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.

However, the value of bitcoin has plunged since then and last week saw its value drop to just £8,300.

Mr Hayes argued the decision of the mint to develop a gold-backed currency, similar to how physical currencies have previously been linked in the past, would help bring greater price stability to those investing in the digital money.

He claimed his plans would mean people could trust that the cryptocurrency was actually worth a physical amount.

He said: “With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it.

“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

The Perth Mint are not the first to announce their intentions of creating a currency linked to gold.

Last year a cryptocurrency linked to gold called Onegram was announced by finance firm Shariah-compliant , leading to significant media attention.

However, sale of the currency flopped, with less than 0.14 per cent of the company’s target being sold in the first phase of the initial coin offering.

Venezuela has also announced plans to launch a cryptocurrency, called the Petro, that will be supported by gold.

 

Author DAN FALVEY UPDATED: 02:09, Sun, Jan 28, 2018

 

Posted by David Ogden Entrepreneur
David ogden cryptocurrency entrepreneur

Alan Zibluk Markethive Founding Member