Bitreserve Adds More Precious Metals, Swiss Franc as Pegging Options

Bitreserve has added silver, platinum and palladium as pegging options for users holding Bitcoin in its accounts. The precious metals join gold as potential hedges against bitcoin's price Volatility .

Each metal will be branded in the same format as Bitgold is for gold.

Also introduced is Bitfranc, based on the Swiss franc. The currency has for a long time been sought as a safe haven currency, hence its choice as a hedge against bitcoin volatility. The franc, however, did send shockwaves throughout the global foreign exchange markets when the Swiss National Bank removed its peg to the euro.

The franc joins the US dollar as available fiats for pegging.

Bitreserve now also supports multiple languages including Chinese (Mandarin), Japanese, Portuguese, Russian and Spanish, with French and German coming soon. They join Coinbase in introducing multi-language support to wallet services during the past few days.

In a blog post, Bitreserve positions the newly introduced assets as a means to stimulate digital currency adoption. The thinking is that people will be more comfortable using bitcoin in terms of the assets they're familiar with.

This is consistent with a recent blog post by CEO Halsey Minor where he argues that Bitcoin's real value is its technology, not currency.