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Barrick Gold CEO Pans Cryptocurrencies as Less Valuable Stores than Gold

Barrick Gold CEO Mark Bristow dismissed the idea that cryptocurrencies are a more valuable store than traditional gold on Thursday.

The Bitcoin bull argued that the limited supply of digital coins and their spectacular growth position it as a better hedge against inflation than gold.

Bristow, who starred in CNBC’s “Mad Money,” pushed back its characterization by criticizing speculative assets for being too volatile to be considered a safe investment.

“That’s one of the things you can’t do, no one can print gold,” he told Jim Cramer. “We can still make cryptocurrencies.”

The supply of Bitcoin, which needs to be mined digitally like gold, is limited to 21 million. According to the cryptocurrency blockchain explorer service Blockchain, more than 19 million coins are currently being simulated.

For gold, about 244,000 tons of metal have been mined so far, based on counts held by the United States Geological Survey. According to Bristow, gold remains a rarity in itself.

“As a miner, gold miners couldn’t replace the reserves they mined,” he said. “We are only exchanging 50% of the gold we have mined.”

Barrick Gold is a $ 44 billion worth of miners.

The comments came after the speculative cryptocurrency market collapsed significantly in the past week, especially with Bitcoin down 30% to nearly $ 30,000. Since then, digital currencies, along with other codenames, have returned to trading close to $ 40,000. Bitcoin was below $ 10,000 a year ago.

Meanwhile, gold prices rose about 3% last week and about 5% last year.

Barrick’s share price rose nearly 1% to $ 24.81 on Thursday. Inventory has increased by 9% to date.

Barrick Gold CEO Pans Cryptocurrencies as Less Valuable Stores than Gold

Source link Barrick Gold CEO Pans Cryptocurrencies as Less Valuable Stores than Gold

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