Skip to content

“Dirty Gold” enters the market: Is it time for bitcoin to replace the traditional gold?

A global crisis in the world's gold market is slowly rolling in, which includes gold bars with logos of major refineries are
A global crisis in the world’s gold market is slowly rolling in, which includes gold bars with logos of major refineries are added in the market to be used to launder illegal gold within countries.

A global crisis in the world’s gold market is slowly rolling in, which includes gold bars with logos of major refineries are added in the market to be used to launder illegal gold within countries.

Gold bars worth more than $50 million have been identified in the last few years. These bars had the logos of the Swiss refineries that didn’t produce these. These were found in the vaults of JP Morgan Chase and Co, and they are not even aware of the fact that these are illegal.

People have often considered Bitcoin as digital, and they have drawn some serious parallels between gold and Bitcoin. These gold bars that are made illegally are not fake and are mostly pure, but the stamps on them are fake, which could mean that these are used for money laundering.

Often some cheap metal is mixed with gold to make these bars gain weight and look like an actual gold bar. It’s not clear that who is making these bars but many bankers and executives think that maybe China is doing this since they are the largest gold producer and importer in the world.

This shocking report about the smuggling of dirty gold bars is the reason why Bitcoin’s digital nature gives it an edge over other metals. Many supporters of Bitcoin are coming forward and telling how Bitcoin can work well as an alternative to gold.

The CEO of Bull Bitcoin, Francis Pouliot responded to the Reuters article about gold bar fraud on Twitter saying that Bitcoin can fix this issue.

Along with him, Wiz, a famous Bitcoin lawyer, also responded to this news with his views through a Tweet.

But the governments are not supportive of Bitcoin or any other cryptocurrency, and this can cause problems, especially after the ban faced by the cryptocurrencies in many countries.

Latest