Gold to rise above all others

THE opening session on the opening day of ResourceStocks Sydney has heard the reasons why gold is superior to cryptocurrencies, and even the dollar.

Gold to rise above all others Gold to rise above all others Gold to rise above all others Gold to rise above all others Gold to rise above all others

ABC Bullion's Jordan Eliseo presents to a full house at ResourceStocks Sydney

ABC Bullion's Jordan Eliseo delivered the opening keynote presentation at the inaugural event, around six months since the peak of the bitcoin frenzy.

Eliseo noted that gold was being sold back to bullion dealers in late 2017 to allow investors to buy bitcoin.

"Despite the excitement, I think bitcoin is going to fail miserably in its quest to usurp fiat currencies and fail in its quest to usurp gold," he said.

Eliseo said the three functions of "ideal" money was that it was a unit of account; a medium of exchange; and a store of value.

The US dollar only meets the first two criteria, while gold meets the third.

Eliseo was uncertain if bitcoin met any of the criteria.

"Given it hasn't even survived one credit cycle, it's far too early to...