General Director of the largest Russian gold mining company Polel Grachev in his interview with RBC compared Bitcoin with gold, noting that he did not consider them competitors in the long run.
According to Grachev, the nature of Bitcoin and gold will vary greatly. They have different groups of investors who will overcome more from each other. Bitcoin, according to him, was created as a tool for calculations, and not as a means of accumulation and conservation of capital. “The owners of Bitcoins or its issuers are trying to equate Bitcoin to gold, position it as an accumulation and preservation tool, which, of course, it turns out not very successfully against the background of the volatility of this tool,” said Grachev, adding that gold itself is “quasi-thong “.
The head of Pole noted that he does not own Bitcoins and does not know where to buy them. At the same time, he also does not have gold, since its purchase in Russia is subject to VAT. Invest in the acquisition of a physical metal does not make sense – it is easier to buy shares of a gold mining company, Grachev believes.
The American Investment Bank Goldman Sachs in 2020 declared that cryptocurrencies, including Bitcoin, are not full asset. The main argument was the statement that Bitcoin does not provide a stable cash flow, unlike shares, bonds and other classical investment instruments. Then investors in the United States and around the world have perceived this as an announcement of the “war” of a popular tool, criticizing the position of Goldman Sachs.
At the same time, the American billionaire Mark Kububan called the “dead” asset gold. According to him, cryptocurrencies adopted many quality gold. The precious metal itself, in his opinion, is “dead” as an asset and means of savings.