State Street flags Bitcoin rally as a threat to gold’s safe-haven appeal

CoinMarketCap11-24 17:59

Bitcoin’s latest rally has State Street Global Advisors’ chief gold strategist, George Milling-Stanley, raising an eyebrow. Investors, he says, are falling for a dangerous illusion, mistaking Bitcoin’...

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Investors, he says, are falling for a dangerous illusion, mistaking Bitcoin’...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6742f90f4f0b7f22144a875d/\">Source Link</a>\n\n</div>\n","source":"coinmarketcap_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>State Street flags Bitcoin rally as a threat to gold’s safe-haven appeal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nState Street flags Bitcoin rally as a threat to gold’s safe-haven appeal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-24 17:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://coinmarketcap.com/community/articles/6742f90f4f0b7f22144a875d/><strong>CoinMarketCap</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin’s latest rally has State Street Global Advisors’ chief gold strategist, George Milling-Stanley, raising an eyebrow. Investors, he says, are falling for a dangerous illusion, mistaking Bitcoin’...</p>\n\n<a href=\"https://coinmarketcap.com/community/articles/6742f90f4f0b7f22144a875d/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BKVL7J92.USD","symbol_name":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","start_time":0,"source_url":"https://coinmarketcap.com/community/articles/6742f90f4f0b7f22144a875d/","article_id":"2485767920","we_media_id":null,"thumbnails":["https://academy-public.coinmarketcap.com/srd-optimized-uploads/dcb15f8106fc46968d96ede0fff79e22.webp"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485767920","pubTimestamp":1732442383,"sourceInfo":{"source_id":"coinmarketcap_highlight","name":"CoinMarketCap"},"weMediaInfo":null,"summary":"Bitcoin’s latest rally has State Street Global Advisors’ chief gold strategist, George Milling-Stanley, raising an eyebrow. Investors, he says, are falling for a dangerous illusion, mistaking Bitcoin’s meteoric rise for stability.According to Milling-Stanley, Bitcoin doesn’t even come close to matching gold’s time-tested safety, and the current frenzy is all about returns, not reliability.“Bitcoin, pure and simple, it’s a return play, and I think that people have been jumping onto the return plays,” he said. This critique landed during the 20th-anniversary celebrations of SPDR Gold Shares ETF , the world’s largest physically backed gold ETF.Gold is still delivering. Futures for the precious metal hit $2,712.20 on Friday, the highest since November 5 and just 3% below its record high from late October. But while gold enjoyed its best weekly performance since March 2023, Bitcoin’s recent surge stole the spotlight, smashing records and pushing boundaries.","collect":0,"end_time":0,"defaultTopTitle":"coinmarketcap.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4581":"高盛持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4504":"桥水持仓","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BK4127":"投资银行业与经纪业","BK4601":"加密货币现货ETF","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","GLD":"SPDR黄金ETF","BK4516":"特朗普概念","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","BK4570":"地缘局势概念股","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4594":"比特币ETF概念","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","STT":"道富银行","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0106831901.USD":"贝莱德世界金融基金A2","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4588":"碎股","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","BK4550":"红杉资本持仓","LU1548497426.USD":"安联环球人工智能AT Acc","LU0971096721.USD":"富达环球金融服务 A","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC"},"translate_title":"道富银行将比特币反弹视为对黄金避险吸引力的威胁","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STT":1,"GLD":1},"content_text":"Bitcoin’s latest rally has State Street Global Advisors’ chief gold strategist, George Milling-Stanley, raising an eyebrow. Investors, he says, are falling for a dangerous illusion, mistaking Bitcoin’s meteoric rise for stability.\nAccording to Milling-Stanley, Bitcoin doesn’t even come close to matching gold’s time-tested safety, and the current frenzy is all about returns, not reliability.\n“Bitcoin, pure and simple, it’s a return play, and I think that people have been jumping onto the return plays,” he said. This critique landed during the 20th-anniversary celebrations of SPDR Gold Shares ETF (GLD), the world’s largest physically backed gold ETF.\nIt’s up more than 30% this year, and Milling-Stanley didn’t miss the opportunity to remind everyone of gold’s staying power. “Gold was $450 an ounce 20 years ago. It’s now five times that. If you look at a five-times price, then gold should be somewhere over $100,000 in twenty years’ time,” he said.\nGold is still delivering. Futures for the precious metal hit $2,712.20 on Friday, the highest since November 5 and just 3% below its record high from late October. But while gold enjoyed its best weekly performance since March 2023, Bitcoin’s recent surge stole the spotlight, smashing records and pushing boundaries.\nBitcoin breaks away from gold\nGold and Bitcoin are heading in different directions. For years, investors treated the two as safe-haven assets, but recent trends are splitting the pair apart. Bitcoin has surged since the November 5 election, riding high on political optimism and increasing adoption. Meanwhile, gold’s strong year is showing cracks, with profit-taking starting to chip away at its momentum.\nMilling-Stanley believes Bitcoin’s rise is no accident. He accused crypto promoters of trying to steal gold’s shine, even pointing to the use of mining terminology as a strategic ploy. He said:\n\n“This is why Bitcoin promoters called it mining. There’s no mining involved. This is a computer operation, pure and simple. But they called it mining because they wanted to seem like gold — maybe take some of the aura away from the gold.”\n\nBecause yes, that makes sense. His skepticism didn’t end there. While he’s confident gold will remain valuable, even he admitted, “I have no idea what’s going to happen over the next 20 years except it’s going to be a fun ride.”\nWashington gets involved\nBitcoin, however, seems unstoppable. Republican Senator Cynthia Lummis from Wyoming is pitching an ambitious plan to create a strategic Bitcoin reserve.\nHer proposal? Sell some of the Federal Reserve’s gold holdings and use the proceeds to buy 1 million Bitcoin, roughly 5% of the crypto’s entire supply. The cost? About $90 billion at current prices.\n“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” Lummis said, insisting that the move would leave the U.S. balance sheet largely unaffected. Her plan also includes holding the Bitcoin for at least 20 years, banking on its value to rise significantly.\nThe idea is that Bitcoin’s future appreciation could help pay down the national debt. Lummis’ bill would expand on “crypto president” Donald Trump’s existing idea to establish a Bitcoin reserve. Right now, the U.S. government holds around 200,000 Bitcoin, seized in criminal cases and asset forfeitures.\nUnder her plan, the stash would grow exponentially, potentially making the U.S. the biggest Bitcoin holder in the world. But it’s not all smooth sailing. Her proposal, which currently lacks co-sponsors, faces an uphill battle in Congress. The crypto prediction market Polymarket gives her plan a 31% chance of passing.\nLand a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485767920"}