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The WGC released a report last week saying despite the rise of cryptocurrencies, gold held many characteristics that underpinned its role "as a mainstream financial asset that will likely continue to resonate in today's digital world".
In an uncanny case of timing, the report was released a day before one of Japan's biggest cryptocurrency exchanges confirmed hackers stole about US$500 million worth of virtual assets.
Harquail told Mining Journal he believed bitcoin was a "risk-on" investment.
"For investors looking to protect their capital, gold is the ultimate ‘risk-off' holding," he said.
"It has low to negative correlations to other investment classes.
"Gold can improve risk-adjusted returns within a broader portfolio.
"In my view, bit-coin is the ultimate ‘risk-on'.
"If you need to hedge your bitcoin position, buy gold."
