Paxful, a peer-to-peer crypto exchange, has declared today allowing customers to trade Bitcoin for gold, according to Cointelegraph.
CEO and Founder Ray Youssef attributed the move to growing customer demand.
He further said:
“With the recent economic downturn, people still prefer gold as a safe investment, with some already reporting shortages of supply. In a way, it’s even symbolic to trade the gold with virtual gold, aka Bitcoin.”
“There are areas in the world where gold is abundant, but Bitcoin is scarce. So, people in these areas can now be part of the crypto economy too,” the CEO added.
Confirmation necessary for completing trade
When a transaction is entered, the BTC will remain in the platform’s account until confirming the physical delivery of the gold. In addition, trades must be completed within 21 days of a transaction being entered on the platform.
It is worth mentioning that Paxful will never touch the gold traded on its platform, with the CEO confirming that his company will take “a light-touch-approach” when needed.
Youssef pointed out that Paxful accepts any form of gold, noting that the service is available for all clients around the world.
He also asserted that Paxful aims to offer more services, but did not give further details.
BTC seen outshining gold in long term
Cryptolydian earlier reported some crypto experts, such as Bitcoin Bull and billionaire Mike Novogratz, as expecting Bitcoin to be the new digital gold.
Brian Kelly, co-founder of Fundstrat Global Advisors, said Bitcoin is on its way to hit a new all-time high, adding that the cryptocurrency can reach $250,000.
Kelly also said Bitcoin has been moving in a price channel since 2013, which indicates that the cryptocurrency would reach $250,000. However, Bitcoin should see more developments in this channel, and must not break out downwards.