Cryptocurrencies aren't an option, yet, says WGC

THE gold price lost more than 1.5% or US$20 last week, just as World Gold Council chief market strategist John Reade was stoically defending the precious metal’s position as the ultimate currency and store of value to an investor audience at the Mining Journal Select conference in London.

Cryptocurrencies aren't an option, yet, says WGC Cryptocurrencies aren't an option, yet, says WGC Cryptocurrencies aren't an option, yet, says WGC Cryptocurrencies aren't an option, yet, says WGC Cryptocurrencies aren't an option, yet, says WGC

Gold is secure in its position as the ultimate currency ... for now

Such a short-term price shift with its accompanying commentary from pundits was of little interest to Reade, who was there to talk about the fundamental qualities of gold that would, and were already, protecting it from irrelevancy against bitcoin and other cryptocurrencies.
 
He began by acknowledging bitcoin had its similarities with gold, though with some caveats.
 
The primary common elements that underlie bitcoin's attraction is it is also independent of government-issued currencies; it's finite (theoretically, at least); and it's secure, inasmuch as gold also has some limits to its security.
 
But other key characteristics necessary to be considered as an alternative to gold left cryptocurr...