George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors and manager of the world’s largest gold exchange-traded fund (ETF), SPDR Gold Shares, believes viewing cryptocurrency as an alternative to gold is a mistake due to its immense volatility. He said during an earlier “ETF Edge” episode on CNBC this week that crypto cannot compete with gold as a long-term strategic asset.

Milling-Stanley argued that gold’s 6,000-year history as a monetary asset is too significant a sample basis to be ignored. He noted that gold remains a hedge against inflation, weakness in the equity market, and the US dollar. According to him, gold has historically helped enhance the returns of a balanced portfolio.

Despite gold’s trouble staying above $2,000 an ounce this year, Milling-Stanley believes the economic backdrop is favorable for the precious metal, be it a recession or not. He also believes the relaxation of Covid-19 restrictions in China will lead to increased demand for gold from various Asian countries.

As of the market close on Friday, SPDR Gold Shares had grown by 7% year-to-date. Gold closed at $1,960.47 an ounce, up 7% compared to the same time last year.