George Milling-Stanley, chief gold strategist at State Street Global Advisors, expressed concerns that Bitcoin’s recent rally could potentially draw investors away from the traditionally safe haven of gold.

Speaking on CNBC’s ETF Edge this week, Milling-Stanley warned that Bitcoin’s appeal as a high-yield investment vehicle could create a “false sense of security” among investors.

As chief strategist of the SPDR Gold Shares ETF (GLD), the world’s largest physically-backed gold exchange-traded fund managed by his firm, Milling-Stanley described Bitcoin as “a yield investment, plain and simple,” adding: “Investors are looking for assets that provide yield, but Bitcoin doesn’t offer the stability that gold does.”

The announcement comes as the SPDR Gold Shares ETF celebrates its 20th anniversary and has been performing strongly. Gold prices are set to gain more than 30% through 2024, while gold futures are just 3% shy of a recent all-time high of $2,712.20 an ounce on Oct. 30. “Gold was $450 an ounce 20 years ago, and now it’s five times that,” Milling-Stanley said, noting that the ETF has seen significant growth since its launch.

Despite gold being historically considered a safe haven, Bitcoin caught investors’ attention last week when it hit a new all-time high. BTC continues its “strong year” with a notable increase since the US elections on November 5.

Milling-Stanley suggested that the crypto industry was deliberately drawing comparisons to gold to attract investors. “That’s why Bitcoin supporters call it mining. There’s no actual mining involved. It’s just a simple computer operation. They call it ‘mining’ to take the edge off gold a little bit,” he said.

However, the strategist said he was still optimistic about gold’s future. While he noted gold’s long-term earning potential, he refrained from making specific predictions, saying, “If gold has increased fivefold in the last 20 years, it could be worth over $100,000 per ounce in 20 years.”

Milling-Stanley advises investors who see gold as a safe haven to reconsider before investing their funds in cryptocurrencies. “I don’t know for sure what’s going to happen over the next 20 years, but it’s going to be an interesting journey,” he concluded.