Gold-backed digital token can ascertain itself as an international retailer of worth, according to Randy Smallwood, CEO of Wheaton Precious Metals, as per Kitco News.
Gold continues to establish itself as a global store of value, attracting a new generation of investors who have lived through unprecedented uncertainty and volatility.
Smallwood pointed out that said gold gives its value to rarity, while the cryptocurrency sector has become inundated with products in the marketplace and just as many have failed in the last few years.
Smallwood added that Bitcoin's lacklustre performance through 2023 could allow gold to shine in the digital marketplace. He noted that through 2023, the World Gold Council has seen significant interest from banks worldwide that are interested in digitizing physical gold.
The WGC is helping to develop gold's digital infrastructure and bring potential partners together through its Gold247 initiative, which was launched nearly one year ago.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
