State Street Global Advisors’ chief gold strategist discussed the potential of gold as an alternative to cryptocurrencies.
State Street Global Advisors, known for running the world’s largest gold exchange-traded fund (ETF), disagrees with the notion that cryptocurrencies can rival gold as a long-term strategic asset.
According to the firm’s chief gold strategist, George Milling-Stanley, he expressed concerns on CNBC’s “ETF Edge” program that the high volatility of cryptocurrencies makes them unsuitable for investors seeking wealth protection over time.
George Milling-Stanley, the chief gold strategist at State Street Global Advisors, stated that the volatility of cryptocurrencies undermines their assertion of being a long-term strategic asset that can compete with gold.
As sponsors of SPDR Gold Shares, the world’s largest physically-backed gold ETF with over $57 billion in assets as of last week, State Street Global Advisors remains firm in its stance.
Milling-Stanley emphasized the advantages of gold, citing its 6,000-year history as a monetary asset. He pointed out that gold has proven to be a reliable hedge against inflation, stock market downturns, and depreciation of the dollar.
According to him, throughout history, gold’s promises to investors have significantly enhanced the returns of a well-balanced portfolio.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News and Threads App
