Growing Turkish Lira Crisis Drives Investors to Seek Safe Haven in Gold
The currency crisis engulfing the Turkish Lira is likely to intensify this week as the contagion becomes more widespread around the world. The volatility on the currency exchanges has led investors to pursue the stability offered by safe havens such as gold, which saw a hike in value by 0.4 per cent coinciding with the crash of the Lira. 1
Tom Coughlin, CEO of Kinesis , the bullion backed blockchain monetary system, comments:
“The sharp rise in the price of gold seen in the past few days off the back of the Turkish Lira crisis, reflects a rising trend amongst investors wanting to protect their investments, from volatility caused by political instability. This is supplemented by the growing trend of decentralisation which has driven the underlying price of gold up 2% since the start of the year.”
Investment in blockchain has doubled in the past year, with 82 per cent of ICO investors citing decentralisation as the main driver behind their investment. 2 Despite this trend, blockchain investments have suffered price volatility. The Kinesis Monetary System was created to address this specific challenge.
Tom continues: “When you buy the currency, you instantly purchase real gold or silver. This is secured in vaults around the world, free of charge. Your ownership of the gold is then digitised using blockchain technology, meaning you can hold or transfer your currency from the Kinesis digital wallet, spend the currencies easily using a debit card wherever Visa/Mastercard is accepted, or trade them on the Kinesis Blockchain Exchange. Your holding can even be transferred back to physical gold or silver.
“The Kinesis monetary system ushers in a new era of accessibility, reliability, transparency and efficiency to the investor community. Its express mission is to deliver an internationally usable monetary system, designed to give back to those who participate, and thus create a solution for the global need for sound, reliable money.”
The Kinesis Currencies will be launched in November 2018. Kinesis coins in the KAU and KAG currency systems are minted into existence as a representation of physical precious metals on a 1:1 basis. For example, 1g gold to 1 KAU and 10g Silver to 1 KAG. This suite of digital currencies will be created, minted and emitted from a unique wholesale marketplace developed and managed by Allocated Bullion Exchange (ABX). Buyers of the wholesale blocks of Kinesis currencies, known as minters, enjoy a lifetime yield for their contribution.
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