Mark Bristow, the man behind one of the biggest mining companies, Barrick Gold Corporation, says that people have lost faith in fiat and their interest is now moved into crypto. There is literally no place for fiat anymore. He suggests that globally the investors are forced to think out of the box in order to ensure the security and well-being of their investment in the circumstances such as the ongoing pandemic. They don’t want to invest their money into traditional investments but instead, they want to explore the alternatives.
Mark Bristow is a globally famous businessman and investor hailing from South Africa. He is presently working as CEO of one of the biggest mining companies called Barrick Gold Corporation, which is headquartered in Canada.
Bristow was recently interviewed at “Squawk on the Street”, a program that is hosted at CNBC. In this 90 minutes, long TV program Bristow discussed the situation of global economies. At the show, he also talked about what investment opportunities are currently available to global investors which can guarantee returns.
He first talked about the gold market and suggested that the market is very unpredictable. One day the price is up and the next day the price is down. The best gold investment strategy for him is to invest on a long-term basis.
At next, he talked about global economies and his disliking for fiat was evidently visible while he was discussing the topic. He said that the ongoing pandemic has exposed the dirty secret that none of the global economies are strong enough to meet such challenges. Those who were claiming for decades that they enjoyed superiority in terms of the economy are facing the worst economic conditions.
Bristow then suggested that he never liked crypto but in the given circumstances he is inclined to give them weight. He then reiterated his earlier statement where he had suggested that developing gold isn’t that easy as it looks. However, in contrast to gold, producing virtual assets seems very convenient. He described that the pandemic has created awareness amongst the investors. They now not only want to invest but they want guaranteed returns as well. Currently, they have analyzed most of the traditional investment vehicles and know they don’t guarantee returns. Resultantly, they are moving on exploring alternatives and what they found in their struggles is “cryptocurrency”.
He then suggested that there is absolute distrust amongst investors over fiat or fiat-based investment opportunities. He agreed that if in their desperation investors are adopting crypto, then there is nothing wrong with it. According to Bristow, if the pandemic continued for a few more years then he doesn’t think that fiat might have any place in the investment sector. The existence of fiat heavily relies on how long the pandemic would end otherwise fiat will be overtaken by “desperation”.