Barrick Gold Executive Believes Bitcoin and Crypto Assets Are Not Competitive With Gold

    The North America COO of Barrick Gold, known as the largest gold mining company in the whole world, recently talked about whether the crypto industry can be considered a threat to the gold industry or not.

    According to Catherine Raw, crypto's are simply not competitive with gold. She affirmed this at the Most Powerful Women International Summit, which was organized by Forbes. Raw claimed that gold has a very tangible nature and that it will always have value.

    Bitcoin, however, can have zero value if people don’t believe that it is a worthy asset, so gold always takes the lead in these cases.

    She also claimed that gold has real uses. People can use it both in jewelry or in the electronics industry, meaning that it will have some value left even if people stop believing in its power as a store of value. Raw did admit, however, that crypto's are here to stay and that they may not be completely forgotten anytime soon.

    One issue that Raw did acknowledge was that the gold industry did not have many young investors. According to her, it is important to win back these younger investors between 20 and 40 years, as they are more interested in other assets at the moment. She also tried to dispel the notion that only “old people” still buy gold, as countries such as India and China are buying a lot of it.

    Raw’s ambition is to get these new investors over time, as she believes that the gold industry has “its head in the sand” because it is simply ignoring such a big demographic in the industry.

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    James W
    James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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