Bitcoins for gold? That has become one of the latest trends among precious metals dealers that wish to profit off of the popularity of the peer-to-peer decentralized digital currency and seek to gain more clients who fear fiat money.
Amagi Metals, one of the most successful metals dealers on the Internet today, announced Wednesday that it will no longer be accepting United States dollars beginning the end of 2016. Instead, it will only allow customers to pay with bitcoins – and no other type of digital currency.
The reason for the surprise is because of the diminishing credibility and value of the greenback. The company noted how the U.S. dollar has lost 97 percent of its value since 1971 when President Richard Nixon instituted the Nixon Shock and 83 percent in overall domestic purchasing power.
“From its beginnings in 2010, Amagi Metals has advocated what CEO Stephen Macaskill calls a ‘sound money’ philosophy for investors looking to preserve their wealth in the face of governments worldwide issuing massive amounts of currency with little or no relationship to its actual value,” the company said in a statement.
“We want to be a leader in the sound money movement. With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar. By trading exclusively in cryptocurrencies, we’ll still be in business when that time comes.”
Moreover, Amagi Metals will remain a strong advocate for bitcoin and will continue to support it as sound money, particularly when consumers purchase gold and silver bullion. In the future, Amagi Metals will implement an exchanger to its online store that will permit individuals to convert fiat currency to bitcoin for easier and efficient transactions.
Last month, Amagi Metals officially ended its dogecoin payment services after it felt that the virtual currency had lost its credibility as the fledgling cryptocurrency has experienced a number of cyberattacks. There has already been some speculation that the Internet meme-based cryptocurrency will eventually meet its demise.
