Catherine Raw, chief operating officer of the world’s largest gold mining company, Barrick Gold, believes cryptocurrencies still cannot compete with the precious metal.
“The nature of gold itself and the fact that you can pick it up makes it special. It will always have a price, whatever it may be, but it certainly will not be zero. And cryptocurrencies can easily cost nothing – that’s the difference, ”stressed
Row at the Fortune International Summit of Most Influential Women.
Gold is used in many industries and in life, be it jewelry or electronics. Therefore, it is guaranteed to have a certain value. However, COO Barrick Gold admits that “the cryptocurrency phenomenon itself will remain.”
Rowe hopes that gold will again begin to attract young investors aged 20 to 40, while now this group of investors prefers cryptocurrency assets. Gold is bought by investors from India and China, financial institutions and central banks of various countries. According to Katherine Rowe, an opinion among young investors is that gold is bought “by an old man who fears a new world.”
“I would like to see how the gold industry copes with this. Now I see that industry representatives simply hid their heads in the sand. I believe that gold can attract a younger generation of investors, ”concluded COO Barrick Gold.
Recently, the head of the research department at Bitwise, Matt Hogan, said that now Bitcoin is repeating the dynamics of gold in the 1970s, when the price of precious metal rose by 1 365% over 10 years.
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