Currently, there are many merchants accepting Bitcoin as a means of payment. They are steadily increasing over the past year. Recently, a London gold dealer, Sharps Pixley is accepting Bitcoin.
Who is Sharps?
Sharps Pixley, 1778 is a London-based dealer of precious metal. It is a full member of the London Bullion Market Association. It is a service shop for investors to buy, store and trade precious metals. Even though it’s been in operation for 250 years, Sharps Pixley has shown that, it is in sync with the times by deciding to accept Bitcoin as a means of payment.
The CEO of Sharps Pixley, Ross Norman says,
“It is our view that many investors in Bitcoin would like the option of holding intrinsic value in a traditional safe haven asset like gold; and be able to switch across in a simple and cost-effective way. That avenue is now open to them”.
Bitcoin can also be known as digital gold, but there is a long way to go before it can go rival gold as a safe haven asset. The gold traded estimate value to be $22 tln and there is a flourishing derivatives market for it. Bitcoin investors represent a niche class of investors, still awareness about cryptocurrencies is increasing.
Giles Mable, a Business Development Director at Sharps Pixley, says:
“We are bridging the gap between the world’s oldest currency and its newest, offering new and existing customers the means to exchange and diversify digital currency for a real, tangible asset which they can store and trade at Sharps Pixley”.
Bitcoin accepted through Bitpay
Sharps accept Bitcoins for the sale of gold via the payment processor Bitpay. This prevent risk of Bitcoin’s fluctuating price. Fact that Sharps Pixley’s core competency lies in trading precious metals, the decision not to accept Bitcoins directly is wise.
While merchants have some denominated cost in bitcoin. However, if they accept Bitcoin, they will be exposing themselves to Bitcoin’s price volatility. Right from the raw material to sale to the end user, still we have long way to go before bitcoin can be at product’s value chain.
Also Read: List of Bitcoin Exchange