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George Milling-Stanley, chief gold strategist at State Street Global Advisors, expressed concerns that Bitcoin’s recent rally is pushing investors away from gold, a traditionally stable asset. 
Speaking on CNBC's ETF Edge this week, Milling-Stanley warned that the cryptocurrency's appeal as a high-yield investment could create a “false sense of security” among investors. 
“Bitcoin is a yield investment, pure and simple,” said Milling-Stanley, whose firm manages the world’s largest physically-backed gold exchange-traded fund, the SPDR Gold Shares ETF (GLD). “People are jumping into yield investments, but Bitcoin doesn’t offer the stability that gold does.” 
The announcements come as the SPDR Gold Shares ETF celebrates its 20th anniversary and caps a year of strong performance. Gold prices are set to rise more than 30% through 2024, with gold futures recently trading at $2,712.20 per ounce, just 3% below a record high set on Oct. 30. “Gold was $450 per ounce 20 years ago, and it’s now five times that price,” Milling-Stanley said, noting that the ETF has seen significant growth since its launch. 
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Despite gold’s historical reputation as a safe haven, Bitcoin caught investors’ attention last week when it reached an all-time high. BTC has added to its “stellar year” by rising significantly since the US elections on November 5. 
Milling-Stanley suggested that the crypto industry was deliberately drawing comparisons to gold to attract investors. “That’s why Bitcoin supporters call it mining. There’s no mining involved. It’s pure and simple computer processing. They call it mining to take the air out of gold,” he said. 
The strategist remains bullish on gold’s future, however. “If gold has increased fivefold in the last 20 years, it could be worth over $100,000 an ounce in 20 years,” he said, while avoiding specific predictions, hinting at gold’s long-term earnings potential. 
For now, Milling-Stanley advises investors who value the safety of gold to reconsider allocating their funds to cryptocurrencies. “I have no idea what’s going to happen over the next 20 years, but it’s going to be a fun ride,” he concluded. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/bitcoins-epic-rise-panics-the-owner-of-the-largest-gold-etf-he-talks-about-btc/">Bitcoin’s Epic Rise Panics the Owner of the Largest Gold ETF – He Talks About BTC</a>

Bitcoin’s Epic Rise Panics the Owner of the Largest Gold ETF – He Talks About BTC

Bitcoin Sistemi EN

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