Irish company launches service which turns bitcoin into gold bars

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An Irish company has launched the country’s first service that allows customers to turn Bitcoin into physical bullion.

ore Bullion Traders has unveiled a cryptocurrency payment service that allows customers to convert their recent digital profits into something physical.

Customers established in partnership with Coinify can now buy gold using a variety of cryptocurrencies on the Core Bullion Traders website.

Nigel Doolin, Trading Director, said: “Everyone who has bought crypto in the past few months has seen some steep increases, combined with strong declines at times, and now more people want to deposit their profits.

“We started the service this week and we already have a customer who converts seven numbers of cryptocurrency into gold.

“Essentially, we are converting a very risky asset class into a safe asset class in a very simple process.”

The service was launched with a younger generation in mind who are increasingly looking for a safe haven and shopping more frequently, according to Doolin.

With the purchase of vacations, cars, and homes in a state of suspension, there has been an upsurge in gold buying among those whose incomes have not been affected by the pandemic.

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Nigel Doolin, Head of Trading with Core Bullion Traders who launched a service to convert cryptocurrency to gold (Conor McCabe / PA)

Nigel Doolin, Head of Trading with Core Bullion Traders who launched a service to convert cryptocurrency to gold (Conor McCabe / PA)

The new gold buyer is likely to be in his early to mid-30s, likely work in technology, and not yet be a homeowner.

“I would say 30% of our business now comes from small investors in this profile.

“I’ve been in business for nearly a decade and this is a new cohort,” added Doolin.

“I noticed that a lot of people used to spend 30,000 euros a year. Now people regularly come in with 6,000 euros piece by piece and slowly build up their money four or five times a year.

“The new service is that a lot of people are now into crypto, but few have an exit strategy to bank and secure their profits. In fact, most of the people don’t know how to liquidate cryptocurrency.

“The oldest rule in this book is to diversify your portfolio. Our move made it easy for people to liquidate and move to an asset class that should continue to perform well.

“In gold it was again 12 months a month, but in this area it rose 35% and ended the year 25% ahead. In a volatile market, gold has historically been a good long-term bet.

“Gold is about security in uncertain times. When you first get into it, check out the steady increase over the past 20 years.

“The actual economic effects of last year were not felt in any way at this point.

“When that happens, people flock to gold.”

PA