• Sunday, May 29, 2022

HEADLINE STORY

Collapse in value of cryptocurrency fuels gold investment drive

SPARKLE: Experts believe people prefer to put their savings into tangible assets such as jewellery

By: Lauren Codling

by NADEEM BADSHAH SHREWD Asian families are planning to buy more jewellery and gold this year after the collapse of virtual currency bitcoin, experts claim. Europe’s traders have reported a fivefold increase in demand for the precious metal from people wanting to exchange bitcoin as its value plunged. Bitcoin, launched in 2009, allows people to transfer money using an online wallet on their computer or mobile phone. The value of the world’s most popular cryptocurrency plummeted by 40 per cent in January after a digital currency exchange in South Korea collapsed, claiming that hackers had stolen some of its assets.…

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