CEO Barrick Gold denounces cryptocurrencies as an inferior store of value to gold

CEO Barrick Gold denounces cryptocurrencies as an inferior store of value compared to gold

Barrick Gold CEO Mark Bristow on Thursday rejected the concept that cryptocurrencies are a bigger retailer than traditional gold. Bitcoin bulls have argued that the limited availability of digital coin and its noticeable advances portray it as a greater hedge against inflation than gold.

Bristow, who appeared in CNBC’s “Mad Cash”, pushed for this characterization again, criticizing speculative property as too unstable to consider protected financing.

“That’s one thing you can’t do, nobody can print gold,” he said to Jim Cramer. “We can still make cryptocurrencies.” The supply of Bitcoin, which like gold but must be mined digitally, is limited to 21 million. According to the blockchain explorer service Blockchain for cryptocurrencies, there are currently more than 19 million coins in the simulation.

In terms of gold, approximately 244,000 tons of metal have been mined to date based on a census conducted by the United States Geological Survey. According to Bristow, gold is still a rarity.

“As a mining company, gold miners were unable to replace the reserves they extracted,” he said of the reason of the century. “We only changed 50% of the gold that we mined.” Barrick Gold is a $ 44 billion miner.

The feedback comes after a significant collapse in speculative cryptocurrency markets the previous week, specifically a 30% drop in Bitcoin to $ 30,000. Foreign digital money, along with various crypto names, has since risen back into trading by nearly $ 40,000. Bitcoin has historically been below $ 10,000 for under 12 months.

Meanwhile, the price of gold is up 3% last week and 5% last year. Barrick’s shares rose nearly 1% to $ 24.81 on Thursday. The stock is up 9% since the start of the year.

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