JM Bullion, the notable precious metals dealer, has been open to various methods of payments to purchase its gold and other precious metals. It had opened its arms to Bitcoin back in 2016 by utilizing BitPay to accept Bitcoin safely.
The precious metal giant had seen enormous growth in customers paying through Bitcoin, given that it was one of the first precious metal dealers to accept Bitcoin. Moreover, its 4% discount if you’re purchasing gold with Bitcoin attracted a lot of interested people.
It was noted to have accepted a whopping $60 million in Bitcoin for purchases in 2017 which was five times more than it was in 2016.
OneGold which is another notable precious metals marketplace which includes digital gold followed JM Bullion’s footsteps and accepted Bitcoin and Bitcoin Cash in December 2018 bringing in more power to Bitcoin’s revolution. And they’re not the only one, APMEX accepts Bitcoin payments too.
And a lot other local businesses started accepting Bitcoin payments for gold or other rare metals. As bitcoin’s price declined over 2018, investors found a safe haven in Gold and other precious metals, besides stable coins.
However, in a span of 3 years, JM Bullion is seen to be comfortable with the Bitcoin experience as seen in its website. It includes the Bitcoin symbol on top of the page along with reputable companies which include Visa and PayPal.
The scope of people paying through Bitcoin for expensive metals like gold showcases the need for anonymity and fraud taking place through credit cards.
A Reddit thread showcases how people are using JM Bullion’s affiliation with Bitcoin to avoid tax gains by buying gold bars. However specific users had cleared that even though gold is not taxed on IRS forms and cryptocurrency accounts are anonymous the capital gains from gold is considered a taxable event similar to buying another altcoin or cash.
BitPay is seen to be addressing the bridge of gap between traditional companies such as gold markets of JM Bullion in stepping up sales through connecting it with Bitcoin.
Looks like the COO of BitPay Sonny Singh was right when he expressed optimism for 2019 given the scale of Bitcoin being adopted.
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