As always, the value of metal should be feared, and we might have forgotten the fact and basically tried to give bitcoin the King’s place! The recent study finds that gold is rallying alongside bitcoin for the last few months. This unexpected move in the rally has made sellers as consumers of precious metals. Precious metal sellers are turning into consumers of these metals and watches sold off by citizens.
What’s Going On?
As the economy is hit by unemployment and gold is used towards $2,000 thousand, citizens are already selling off their precious metals and valuable watches in the pawnshops. These pawn shops have always existed, and therefore people are visiting these shops for refuge. Pawn Shops are infamous for helping by buying gold reserves of citizens during an economic crisis.
This random visit of the citizen to pawn shops for selling off high valued brand watches and gold is ominous. Due to this act, the gold prices are dropping, the supply of sellers is exhausted, which is resulting in plenty of lockdowns in gold shops. The spike in gold prices rose to $1,400, which is the highest in 6 years. This spike in selling and price hike is a fearful situation because it indicates a slowed-down economy and joblessness. Though experts say, bitcoins have no connection with gold rallies, but cryptocurrency traders are still confused.
What are top banks saying and what’s their strategy?
The top banks are really worried about this gold rally and the economic slowdown these months are facing, and therefore they have introduced Christopher Dickson as the Vice President, sales of Imageware. He is an expert in the field of Enterprise Management, SaaS, Analytics, Global, Cloud, Blockchain, Security, Start-ups, Scaling Business, and Building World Class teams.
The main movie behind bringing Chris into the company, as stated by the CEO, is to bring focus on the company, and along with him comes various other profitable networks. He also states that, as Dickson has experience in the sales strategies, he will be an asset to Imageware. He is set to create new strategies to meet the revenue goals for Imageware. He also mentioned that Chris is a team player and is keen to work closely with the engineers for building good product sales and management team to help the company get closer to their fortune.
This massive rally is actually making crypto traders think about the future of bitcoins. Gold is the “store of value,” but bitcoins aren’t. Hence, crypto traders are worried, and it’s justified because gold has both a store of value and also a precious metal that carries intrinsic value. Hence, the questions come, will BTC holders move onto something more tangible than cryptocurrency?
The answer is kind of uncertain because until the situation stabilizes, economic slowdown stops, nothing can be really said. But one thing can never change, the value of gold and the future of cryptocurrency, which is bright because it’s digital, it’s intangible, and it’s easy to achieve!