Amagi Metals, an online dealer in precious metals and coins, announced this week that by the end of 2016, it will no longer accept US dollars or other “fiat” currencies. Instead, the company is poised to be trading exclusively in virtual currencies such as Bitcoin.
Amagi Metals CEO Stephen Macaskill, a cryptocurrency advocate since 2012, wants his customers to be prepared for what may come of the US dollar and other paper currencies worldwide.
Macaskill said in a news release:
“With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar. By trading exclusively in cryptocurrencies, we’ll still be in business when that time comes.”
The company has been accepting digital currency since November 2012 with a particular focus on Bitcoin, which now accounts for more than 40 percent of Amagi Metals’ customer payment.
Macaskill says customers holding dollars or other fiat currency will still be able to conduct business with Amagi Metals on the company’s e-commerce store.
“We will offer customers the ability to convert their fiat money to cryptocurrency on our website. They can then use it for purchases from us. Of course, that will be at the exchange rate at that time, whatever it may be.”