of Bitcoin The rally is creating a false sense of security among investors, according to the strategists behind the so-called grandfather of gold ETFs.
George Milling-Stanley of State Street Global Advisors warns that trading cryptocurrencies does not offer the same stability as gold.
“Bitcoin, pure and simple, this is a move back and I think people are jumping on the move back,” the firm’s chief gold strategist told CNBC’s “ETF Edge” this week.
Milling-Stanley’s comments came as his company’s comments. SPDR Gold Share ETF (GLD) This week we celebrated our 20th anniversary. It is the world’s largest physically backed gold ETF and is poised to rise more than 30% in 2024.
“Gold was $450 an ounce (20 years ago),” Milling-Stanley said. “Now it’s five times what it was then. At five times the price, gold should be worth more than $100,000 in 20 years.”
gold Gold futures prices on Friday settled at $2,712.20, the highest price since November 5th. Gold prices are currently just 3% below the all-time high reached on October 30th.
BitcoinIt’s been on the rise since the Nov. 5 election, and this year has been another great year. It hit an all-time high on Friday.
Milling-Stanley believes that investors who value the safety of gold should reconsider adding to Bitcoin. He suggests that the crypto world is trying to manipulate them.
“This is why they (Bitcoin promoters) called it mining. There is no mining involved. This is pure and simple computer operation,” he said. “But they called it mining because they wanted it to look like gold. They may have taken some of the aura away from the gold.”
But he admits it’s unclear how high this yellow metal can actually rise.
“I have no idea what the next 20 years will bring, but I’m sure it’s going to be a fun journey,” Milling-Stanley said. “I think gold will do well.”
