New Market Opens for Bitcoin Holders as Purchases of Palladium with Bitcoin are Now Available
Bitcoin is money but palladium is more so. At least according to ISO standards. That has not stopped users of the new digital commodity known as Btcoin from demanding that they be able to turn in their their digital currency for Palladium.
Palladium is among the rarer precious metals available to commodity investors. In 1990 global palladium demand was around 100 tonnes. By 2000 the yearly demand for palladium had reached 300 tonnes while global production was limited to only 222 tonnes in 2006.
Palladium is mostly used for catalytic convertors in car manufacturing. Palladium was in such high demand in 2001 that Ford Motor Company was forced to stock pile palladium to ensure that their auto production would not be effected by the short supply.
New buyers mean new demand and holders of bitcoin will no doubt be rushing to buy palladium with Bitcoin as this signals a new way to safe guard the recent gains that have been made from the digital currency.
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