State Street Strategist: Bitcoin Rise Could Give Investors a False Sense of Security

Odaily Planet Daily reported that George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, warned that the rise of Bitcoin is giving investors a false sense of security, and its investment cannot provide the stability of gold. He said: "Bitcoin, purely and simply, is a return play, and I think people have been chasing return plays." Milling-Stanley made the above remarks as his company's SPDR Gold Shares ETF (GLD) celebrated its 20th anniversary this week. It is the world's largest physically-backed gold ETF, up more than 30% in 2024. He said: "20 years ago, the gold price was $450 per ounce, and now the price is five times that. If we continue to calculate at five times the price, then 20 years from now, the gold price should be over $100,000." He believes that investors who value the safety features of gold should reconsider whether to invest heavily in Bitcoin, and believes the crypto market is trying to manipulate them, "which is why they (Bitcoin promoters) call it mining. There is no mining involved here. This is a pure and simple computer operation, but they call it mining because they want Bitcoin to look like gold - maybe to remove some of the aura of gold." However, he acknowledged that it is still unclear how high gold can actually rise, "I don't know what will happen in the next 20 years, but it will be an interesting journey, and I think gold will perform well."