LONDON, 8 September 2016 – Top finance professionals' magazine Euromoney today quotes comment from BullionVault on why the latest attempts to revive gold's use as cash via the internet are likely to fail.
Reporting claims that Bitcoin-type 'blockchain' systems will enable people around the world to buy and sell using ownership of vaulted gold as a means of payment, "Technology cannot repeal Gresham's Law," Euromoney quotes BullionVault head of research Adrian Ash, referring to the longstanding observation that people tend to hold onto higher value assets to store value, and spend lower-quality cash instead.
"Gold doesn't act as a universal means of exchange anywhere in the world today," Adrian goes, yet "several internet start-ups have tried to revive that function."
Read the full debate at Euromoney here:
