The crypto vs Gold debate is a long-standing one and extends far beyond cryptocurrency sphere and to the Wall Street itself. However, the merit to it has never been judged, so let’s try to answer that question.
Recently the Chief Operating Officer (COO) of Barrick Gold in North America, Catherine Raw believes that cryptocurrencies struggle when they are compared to gold.
Barrick Gold is the largest gold mining company in the world. While the organization is based in Canada, its mining operations run all over the globe.
While putting gold side-by-side to cryptocurrencies, the COO of Barrick Gold, Catherine Raw, expressed the belief that Gold is in-fact touchable and not digital like the existing cryptocurrencies, and in reality, this defines the never-ending value of the expensive metal itself.
While admitting that cryptocurrencies are not going anywhere sooner or later, she added that the use of gold in adornment and electronics is what defines the value of gold.
On the other hand, another report recently revealed that the king of cryptocurrency Bitcoin (BTC) alone is now among the top three (3) investment assets surpassing Silver and falling a little short of Gold.
Understanding the crypto vs Gold debate
Where the likes of Raw hope that people between the ages of twenty (20) and forty (40), who’ve recently been investing in the cryptocurrency industry, switch back to investing in Gold. But the crypto vs Gold debate remains to be a hot topic every now and then.
The fact that the same people believe in more transparent investment that they can understand and handle themselves without the influence of big firms such as Barrack is propelling the industry.
Turkey’s Takasbank has announced a new platform to trade gold. The platform is said to be based on the blockchain technology, and it is expected to allow its clients to transfer physical assets of Gold that are stored at Borsa Istanbul, which is a stock exchange entity of Turkey located in Istanbul.
Catherine Raw also explained the present investors in the gold industry include Indians, Chinese, and financial institutions. She stated that young people believe that only old-fashioned people invest in the gold industry.
The COO aspires to watch the gold industry attract young investors for its growth, as opposed to its current state of affairs regarding the demographic trends, in which the gold industry fails to entice the young audience.
However, there is no conclusion to the crypto vs Gold debate since even Bitcoin is a volatile asset while Gold has billions of dependants on the system across the globe. The only way cryptocurrency can win the debate is through mass adoption, and that is work in progress.