By Sabina Muradova
On Sep 12, 2020
The Chief Operating Officer (COO) of Canada-based gold mining company Barrick Gold believes that the precious metal industry should be more like cryptocurrency.
According to an interview with Fortune published on Sept. 18, Catherine Raw is flipping the narrative surrounding precious metals and cryptoassets. While other pundits have said that bitcoin should mimic gold in producing a tangible source of value, the COO of Barrick Gold said that her industry could learn from the phenomenon of crypto-assets.
Raw was first quick to defend the gold against crypto, arguing that the former was the better asset for store of value,
“I do not think cryptocurrencies are a competitor to gold. The very tangible nature of gold is what keeps a special place for it. So it will always have value, whatever the price is, I don’t know, but it will not be zero. Whereas cryptocurrency could be zero—that’s the difference.”
However, she continued by saying that the gold industry needs to emulate crypto in generating widespread investor enthusiasm.
“The phenomenon of cryptocurrency is here to stay. What I would like is actually to see gold harness that. I think the gold industry has got its head in the sand by not taking advantage of a changing demographic.”
In particular, Raw highlighted the need for gold to gain more interest from millennials and young adult investors, as those demographics shift more to the key base of bitcoin and crypto-assets.