Are Cryptocurrencies Manipulating Public Perception, Distracting Gold Investors?

State Street Global Advisors chief strategist George Milling-Stanley warned that bitcoin's price surge is creating a false sense of security for investors, arguing that the cryptocurrency is not as stable as gold.

According to experts, bitcoin is creating a false sense of security for investors. Illustration photo. (Source: CNBC)

“Bitcoin is just a money game, and people are rushing into it,” George Milling-Stanley said in an interview with CNBC . The warning came as the SPDR Gold Shares ETF (GLD) — the world’s largest gold fund — celebrated its 20th anniversary.

Mr. Milling-Stanley pointed out that the price of gold has increased fivefold in the past 20 years, and if this trend continues, gold could reach over $100,000/ounce in the next 20 years. In contrast, bitcoin has also recorded a strong increase this year, reaching a historical peak on November 22.

However, he warned investors to be cautious when choosing bitcoin over gold, saying the cryptocurrency industry is manipulating public perception by borrowing the “halo” of gold.

While he is bullish on gold, he admits that he cannot predict specific future gains. “I don’t know what’s going to happen in the next 20 years, but I think the ride is going to be interesting. And I think gold will continue to grow strongly,” Milling-Stanley said.

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