APMEX CEO Speaks with Forbes on Bitcoin and the Precious Metals Markets
Since 2017, bitcoin has become a household name. With a peak market value above $19,700 in December 2017, all eyes have been on the cryptocurrency and its next moves. As popularity of the digital currency grew, so did the demand for bitcoin to be offered as a payment method for other goods and commodities. In November, APMEX chose to expand their payment options to accept the cryptocurrency through a partnership with Bitpay.
APMEX CEO Ken Lewis recently spoke with Forbes about the transition of APMEX accepting bitcoin and the future of the digital currency and the Precious Metals market. Lewis stated, “Investors started getting excited about bitcoin and many casual traders even got involved with the cryptocurrency. … While people are obviously still highly interested in bitcoin, many are turning to Precious Metals for a more, in a sense, secure investment.”
APMEX has found there is a natural appeal for Precious Metals buyers to be interested in bitcoin, and vice versa, as neither is dependent on financial systems. APMEX has seen nearly 50% of bitcoin revenue comes from existing customers, which seems to support the theory that there is an easy back-and-forth relationship. Traditionally, Precious Metals are seen as a safe-haven asset during times of economic uncertainty and they are once again proving to be a reliable partner to consumers who choose to participate in the bitcoin market.
As an industry leader, APMEX is constantly looking into other technologies as well as growing their internal expertise. Concepts like digital wallets, multi-factor authorization and instant settlement are all attractive for bitcoin users. However, from a business standpoint, thin margins and higher-than-average fraud with bitcoin transactions requires companies to continue critically looking ahead. APMEX believes bitcoin and blockchain technology has a future, so watch this space for developments.