Substituting cryptocurrency for gold exposure may be a costly mistake

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Viewing cryptocurrency as "digital gold" may be a mistake. State Street Global Advisors' George Milling-Stanley, whose firm runs the world's largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. "Volatility does not back up any claims for crypto to be a long-term strategic asset as a competitor to gold," the firm's chief gold strategist told CNBC's "ETF Edge" earlier this week. Milling-Stanley's firm is behind SPDR Gold Shares , the world's largest physically backed gold ETF. It has a total asset value of more than $57 billion as of last...