Sharps Pixley, a renowned gold dealer in London, started accepting bitcoin as payment in exchange for gold and other precious metals.
The move from Sharps Pixley was announced yesterday and has the objective of offering wealthier clientele a way to invest in precious metals without having to resort to fiat currencies. The company also stated that the cryptocurrency payment service will be offered through BitPay payment processor.
“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.” – Ross Norman, Sharps Pixley CEO
The Sharps Pixley brand has a very rich history, dating back to the 18th century. The original company was founded by William Sharp as a diamond brokerage in 1778. The business was created in the London Royal Exchange, and remained there for the next 180 years. Although the location remained the same, the company has had a lot of partners over the years and was bought and sold many times. Then in 1957, two of London’s leading gold dealers, Sharps Wilkins and Pixley & Abell, merged and formed the now known Sharps Pixley.
The business was bought by Deutsche Bank in 1993, but the bank eventually closed it in
2001. It was then reopened by Ross Norman in 2010, reviving the business by selling precious metals online. Also, just last year there was the launch of a Sharps Pixley’s Gold Center. Offering precious metals previously unavailable at retail in the UK, the Gold Center is also a showroom for gold coins and bars and features state of the art safe deposit boxes for investors.
Bitcoin and Gold
Many comparisons have been made between gold and bitcoin, either comparing their value or their returns as investments. Although one is considered a chemical element and the other a digital currency, there are so many similarities between them that bitcoin is sometimes referred to as “digital gold”. They are both minable, durable, scarce and recognizable. They can also be divided and transferred, with bitcoin having an advantage in these fields due to its digital nature. They are both minable, durable, scarce and recognizable. They can also be divided and transferred, with bitcoin having an advantage in these fields because of its digital nature. It’s debatable which one is more valuable, but it seems bitcoins has more potential. Bitcoin has grown 400% just this year alone and the value of one bitcoin surpassed the value of an ounce of gold in the beginning of the year.