According to CNBC, George Milling-Stanley, chief gold strategist at State Street Global Advisors (SSGA), an asset management company, believes that cryptocurrency cannot replace physical objects because it is prone to huge losses.
Milling-Stanley said this week that volatility does not support any claims about cryptocurrencies as long-term strategic assets that rival gold.
It is reported that the company operates the world's largest gold ETF. As of Friday's close, the ETF was up 7% this year.