{"id":159,"date":"2014-07-28T21:48:00","date_gmt":"2014-07-28T21:48:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/why-timothy-coles-is-selling-his-gold-mine\/"},"modified":"2020-11-08T07:19:22","modified_gmt":"2020-11-08T05:19:22","slug":"why-timothy-coles-is-selling-his-gold-mine","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/07\/why-timothy-coles-is-selling-his-gold-mine.html","title":{"rendered":"Why Timothy Coles is selling his $2 Million Gold Mine for Bitcoin"},"content":{"rendered":"
<\/div>\n

 <\/p>\n

Timothy Coles is the man behind the profitable gold mine in the Yukon
\ncity of Dawson currently for sale for just over 3,200 BTC on luxury
\nmarketplace BitPremier.<\/i><\/b><\/div>\n

 <\/p>\n

\n

With more than 30 years of experience in the gold mining industry,
\nColes brings a unique perspective to digital currency and the concepts
\nthat underly the technology. He sees bitcoin as a one-of-a-kind type of
\nasset.<\/p>\n<\/div>\n

 <\/p>\n

Coles told CoinDesk that he first learned about bitcoin while
\nwintering in the Philippines. Casual research grew into more active
\ninvestigation, leading to discussions about how bitcoin might fit into
\nplans to sell off his gold interests in the Yukon.<\/div>\n

 <\/p>\n

With the mine now for sale<\/a> on the luxury exchange, Coles is optimistic about bitcoin\u2019s prospects, saying:<\/div>\n

 <\/p>\n

\n

\u201cI believe bitcoin has nowhere to go but up. In the long run, it\u2019s just going to get stronger and stronger and stronger.\u201d<\/p><\/blockquote>\n<\/div>\n

 <\/p>\n

He added that although he currently owns no bitcoin, he sees a future
\nin it should the BitPremier sale succeed. While he has no active plans
\nto invest were\u00a0he to enter the market, Coles expressed an openness to
\ninvest in the broader bitcoin industry, including the mining sector.<\/div>\n

 <\/p>\n

The mine is currently on sale for $2m and reportedly generates $1m in annual revenue<\/a>.<\/div>\n

 <\/p>\n

Bitcoin vs gold<\/h2>\n

 <\/p>\n

When discussing the similarities and differences between gold and
\nbitcoin<\/a>, Coles cited the fact that the prices in digital currency
\nmarkets are set by supply and demand.<\/div>\n

 <\/p>\n

By comparison, gold is subject to geopolitical pressures that have,
\nin his eyes, made it a less attractive option over the years:<\/div>\n

 <\/p>\n

\n

\u201cThe people that have the bitcoin are the ones that can
\ndrive the price up, or drive it down, depending on what ups. Whereas
\ngold, the people that have the gold are really at the mercy of
\npoliticians, financial institutions, London fixes that we really know
\nnothing about. People that have gold really have no control over the
\ndirection that goes.\u201d<\/p><\/blockquote>\n<\/div>\n

 <\/p>\n

He went on to suggest that these influences could one day take a toll
\non bitcoin. However, he said that the decentralized nature of digital
\ncurrency technology makes it \u201cless susceptible to manipulation compared
\nto gold\u201d.<\/div>\n

 <\/p>\n

Coles added that the price of bitcoin<\/a>
\nwent too high too quickly, resulting in an equally swift correction. In
\nthe months since \u2013 which has seen a raft of both positive and negative
\nnews for bitcoin \u2013 the price, he said, has risen on the merits of its
\nstrength rather than pure hype or speculation.<\/div>\n

 <\/p>\n

Bitcoin\u00a0needs education<\/h2>\n

 <\/p>\n

One of the key problem areas of bitcoin, Coles said, is a lack of
\neducation among the broader public. This is due to the novel
\ncharacteristics of bitcoin that make it not quite a currency, commodity
\nor property. Instead, it lies somewhere in the middle.<\/div>\n

 <\/p>\n

As a result, Coles reckoned, bitcoin\u2019s success \u2013 and its price \u2013
\nhinges on whether or not more people learn about how it works, how they
\ncan acquire it and, most importantly, how they can use it.<\/div>\n

 <\/p>\n

He explained:<\/div>\n

 <\/p>\n

\n

\u201cI believe that bitcoin needs some advertising the world
\nover to learn more about what it\u2019s all about. Nine out of 10 people I
\ntalk to have heard of bitcoin, but they don\u2019t know about it, they don\u2019t
\nunderstand and they don\u2019t want to because it\u2019s out of their realm of
\nunderstanding.\u201d<\/p><\/blockquote>\n<\/div>\n

 <\/p>\n

Pointing back to the topic of political impact on bitcoin, having an
\nenvironment in which more people understand how to use digital currency \u2013
\nand do so \u2013 could enable the bitcoin market to operate without
\nmanipulative influence from the outside.<\/div>\n

 <\/p>\n

More gold plans ahead<\/h2>\n

 <\/p>\n

While citing problems in the global gold market, Coles said that
\nafter the sale of his mining interest in the Yukon he\u2019d stay on the
\nlookout for new opportunities. Issues aside, he said that he makes a
\n\u201cgood living\u201d in the gold market, joking that the industry was \u201cspoiled\u201d
\nin 2012 and 2013, when gold prices surged above $1,700 an ounce.<\/div>\n

 <\/p>\n

He explained:<\/div>\n

 <\/p>\n

\n

\u201cI would still always keep my eyes open for opportunities in gold mining. It\u2019s something that\u2019s in your blood.\u201d<\/p><\/blockquote>\n<\/div>\n

 <\/p>\n

As outlined in the BitPremier advertisement, Coles is offering to
\nhelp provide logistical and managerial support to a potential owner.\u00a0The
\nsale actually has two components: Canyon Creek, a developed, three-mile
\nproperty with drilling and exploration already conducted on the plot,
\nand an existing lease in the Bonanza Creek region.<\/div>\n

 <\/p>\n

Coles explained the real prize in the sale are\u00a0his interests on Bonanza Creek<\/a>,
\na waterway in the Yukon made famous for the abundance of gold
\ndiscovered in the region. He suggested they are\u00a0the heart of something
\nthat offers \u201cbig potential\u201d to interested investors.<\/div>\n

 <\/p>\n

\u00a0<\/i><\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

  Timothy Coles is the man behind the profitable gold mine in the Yukon city of Dawson currently for sale for just over 3,200 BTC on luxury marketplace BitPremier.   With more than 30 years of experience in the gold mining industry, Coles brings a unique perspective to digital currency and the concepts that underly […]<\/p>\n","protected":false},"author":1,"featured_media":656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,191],"tags":[764,871],"yoast_head":"\nWhy Timothy Coles is selling his $2 Million Gold Mine for Bitcoin -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/07\/why-timothy-coles-is-selling-his-gold-mine.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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