Odaily Planet Daily News State Street Global Advisors Chief Gold Strategist George Milling-Stanley warned that the rise of Bitcoin is giving investors a false sense of security, as its investment cannot provide the stability of gold. He stated, "Bitcoin, pure and simple, is a return play, and I think people have been chasing return plays." Milling-Stanley made these remarks as his company's SPDR Gold Shares ETF (GLD) celebrated its 20th anniversary this week. It is the world's largest physically-backed gold ETF, up more than 30% in 2024. He said, "Twenty years ago, the price of gold was $450 per ounce, and now the price is five times that. If we continue to calculate at five times the price, then in 20 years the price of gold should exceed $100,000." He believes that investors who value the safe-haven properties of gold should reconsider whether to invest heavily in Bitcoin, and thinks the crypto market is trying to manipulate them, "That’s why they (Bitcoin promoters) call it mining. There is no mining involved. It’s a pure and simple computer operation, but they call it mining to make Bitcoin look like gold—perhaps to strip away some of gold’s aura." However, he admits it is still unclear how high gold can actually go, "I don’t know what will happen in the next 20 years, but it will be an interesting journey, and I believe gold will perform well." (CNBC)

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