Cryptocurrencies are not competitive with gold, claims Barrick Gold’s Catherine Raw
Barrick Gold North America’s COO, Catherine Raw, caught the attention of the crypto-community after she recently shared her views on cryptocurrencies, claiming that they are not competitive with gold. She also stated that the fact that gold is currently being used for making jewelry, as well as electronic equipment, gives a base to gold’s value.
Along these lines, Raw also admitted to cryptocurrencies disrupting the traditional market in the future. The comments made by her during the International Summit, highlighted the tangible nature of gold. Even with the roller coaster ride of the financial market, she affirmed that gold will have certain value, unlike cryptocurrencies which can dip to zero.
Raw also referenced the lasting legacy of the Internet during the dot-com bubble, while highlighting the surging phenomenon of cryptocurrencies. She brushed over the the fact that gold industry must look at this surge as an opportunity to grab the attention of millennials who are more inclined towards the digital gold. Presently, the gold industry has its head below the sand and it should be taking advantage of the changing demographic, claimed Raw.
With major economies of the globe openly embracing digital assets, big-league members in the business world have also started to incorporate digital coins into their operations. With such FOBO comments from executives of major institutions rising, the crypto-community can look forward to a rise in adoption rate, especially since the price of altcoins is also surging.