Deutsche Bank strategist: BTC pump may give investors a false sense of security

Odaily Planet Daily News State Street Global Advisors chief gold strategist George Milling-Stanley warned that the pump of BTC is giving investors a false sense of security, and its investment cannot provide the stability of gold. He said, “BTC, pure and simple, is a return play. I think people have been chasing return on investment.” At the time of the above-mentioned remarks by Milling-Stanley, its company’s SPDR Gold Shares ETF ETF (GLD) celebrated its 20th anniversary this week. It is the world’s largest physically backed gold ETF, with 30% or more rise in 2024. He said, “20 years ago, the gold price was $450 per ounce, and now it is five times that. If it continues to be calculated at five times the price, the gold price should exceed $100,000 in 20 years.” It is believed that investors who value the safety characteristics of gold should reconsider whether to invest heavily in BTC and believe that the encryption market is trying to manipulate them. This is why they (BTC promoters) call it Mining. It has nothing to do with Mining. It is a purely simple computer operation, but they call it Mining to make BTC look like gold - maybe remove some of the halo of gold. However, he acknowledges that it is not clear how high gold can actually rise at the moment. ‘I don’t know what will happen in the next 20 years, but it will be an interesting journey. I believe gold will perform well.’ (CNBC)