$400 billion in value has already been erased from the cryptocurrency market over the last year, with many bitcoin investors running to the proven safe haven of physical gold now more than ever.
The Bitcoin Bubble Burst- Video Transcription
Patrick Brunson: 00:00
Here at U.S. Money Reserve, we really haven't spoken too much about cryptocurrency until today. This has gone on long enough. If you or someone you know got involved in what many are calling a scheme at the early stages and you have made money, congratulations. Now might be the time to consider taking some of those profits and put them into something more solid. Earlier this month, Forbes.com noted that about $400 billion in value already had been erased from the cryptocurrency market over the past 12 months or so. A recent CNBC article declared that the hot streak that had been enjoyed by Bitcoin, the most prominent type of cryptocurrency, is quote on quote truly dead, is the way they put it. As a result, people are gravitating towards gold as a safe haven asset according to CNBC and many other media channels. The World Gold Council, however, released a report that supports this strategy, making the argument that highly speculative and volatile cryptocurrency is not the safe haven that many people once said it was.
Patrick Brunson: 01:12
In light of the poor performance of bitcoin and other cryptocurrencies, Goldman Sachs' observation is that cryptocurrency is not the new gold. The use of precious metals is not a historical accident. They are still the best long term store of value of all the known elements that you can protect your money in. With that said, many people are trying to figure out what to do with the bitcoin they still currently hold, whether they're at a loss or they got in at the bottom. It appears that this could be the end here for the speculative assets being a money maker for portfolio holders. So one option that many are choosing is to convert what they have left in cryptocurrencies into precious metals. This is a move that can help many people who are trying to get out of these areas and into a proven safe haven asset like gold. So U.S. Money Reserve is now offering you the opportunity to convert your cryptocurrency into gold as well as other precious metals portfolios and we're actually offering gold at cost.
Patrick Brunson: 02:18
So U.S. Money Reserve is offering $500 of gold at cost for every $5,000 in precious metals purchased for customers paying with cryptocurrency like bitcoin. That means if you move $10,000 of cryptocurrency into a precious metals portfolio put together by one of our experienced account executives, you can purchase $1,000 of gold at cost. So please call the number on your screen if you'd like to get more information about converting your crypto's into metals. We will walk you through the process step by step and help you make an easy and smooth transition out of these areas into a more stable, and tangible asset. So please, again, call the number on your screen right now to get more information. If you're watching us from YouTube, subscribe to our channel so you don't miss a single episode. I'm U.S. Money Reserve's Patrick Brunson. Thank you for watching Market Insights.