Mark Bristow is the CEO of Canada’s gold mining company. He insists that there are no downside risks to gold. The precious nature of gold was also highlighted by Mark Bristow, who said it’s a safer alternative to cryptocurrency as a store of wealth.
Higher Inflation Hedging
Barrick Gold Corp.’s CEO, Mark Bristow from Canada, stated recently that gold is safe and that investors who want to protect against inflation will choose it over cryptocurrency. This was despite the fact that analysts had predicted that precious metals will be $1,683 by 2022’s fourth quarter.
Bitcoin.com News reported that the gold price, starting at $1,900 per ounce, was almost 4% lower than it had been in 2021. According to a report, the metal’s retreat in 2021 appeared to coincide with a period where inflation rates soared.
Yet despite the precious metal’s notable decline since the start of 2021, Bristow insisted during an interview that gold is in fact headed for better times.
“The risk is on the upside. I don’t think there’s very much risk on the downside,” Bristow is quoted stating.
Debate on Crypto-Versus-Gold
The CEO, who previously suggested that “no one believes in fiat anymore,” used the latest interview opportunity to once again share his views on the gold-versus-crypto debate. He explained:
Look at gold and its precious nature — you can’t print it and you can’t make it. It is possible to create cryptocurrencies. There are many. When you’re in a dynamic phase like we’re in now and the world’s uncertain, it’s always good for gold.
Still, despite Bristow’s optimistic views, the price of gold has averaged below $1,850 since the start of 2022, a figure that is more than $200 less than the metal’s all-time high price of over $2,070, seen in August 2020.
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