In recent 2020 the price of gold has taken a high graph. Gold has been raised by 30% from $1,517 per ounce on 3rd January 2020, to $2,000 per ounce on 6th August 2020. Gold hasn’t yet reached the level of a boom like bitcoin did in 2017. The price of one bitcoin $999 on 1st January 2017 raised to $3,270 on 6th August 2017 by making the increase around 300% that year. The demand in gold has been a little less in this year 2020 and also because of the Coronavirus pandemic. Most of the demand for gold investments comes from the retailers as likely to the bitcoin bubble. If you are interested in bitcoin trading you can visit official site
This is a crisis caused by the coronavirus introduction to the relief and economic security act. The CARES ACT helped in making ease for the retirement plans and to the taxpayers and bringing low-interest rates on loans. Gold and other metals like silver are trying to target the retailers and senior citizens to invest in Gold or silver.
After the Bitcoin Bubble back in 2018, the Commodity Futures Trading Commission (CFTC) Office of Customer Education and Outreach launched a group of advisors for the customers looking forward to investing in Bitcoin or any other digital currency. Beware of “IRS Approved” – acceptance” virtual currency IRAs “that was named CFTC customer advisor. Which has given all the customers the grant of “IRS Approved” through digital currency.
The CFTC also introduced a new Customer Advisory warning retail investor about the false news of a change in the CARES ACT rules about the retirement account distribution on 4th August 2020 when the gold market took a hype. The CFTC told their customers to not trust anyone if they call themselves “IRA experts” because they won’t be legal and won’t be having any licence.
If you invest in gold you have a monthly expense on it like on insurance, security, handling, etc. The CFTC’s Customer Advisory also tells their customers about the retail commodity transactions that should be done and delivered by 28 days. If the transaction is not done within the given days, it comes in the provisions of the anti-fraud of the Commodity Exchange Act in the dealer’s transaction. CEA issued the final explanatory guidance on the term “real delivery” in August 2013. It has provided a place to the CFTC. According to the 2020 guidance, bitcoin or any digital or virtual currency should return in retailers’ wallets within 28 days so that the transaction should not come under CEA.
Due to the increase in all the prices, the retailers and CFTC thinks that Gold can be the New Bitcoin. It has been seen that Gold and Bitcoin as an investment has a lot of things in common. Gold has always been mostly sold as jewellery or ornament other than gold coins or anything. It would be much easier for a retailer or a customer to purchase anything or provide themselves with any services with the help of bitcoin than Gold coin. The value of gold or bitcoin is the same as it depends upon the market. As we talk about the fraud that happens, we can say that bitcoin as an investment or asset has more chances. Let us see if Gold is the New Bitcoin or not but the investors have a wide range of investment services like the virtual currencies that can create a tough competition for gold.