By Diplomatic Insider
Speaking at the Junior Indaba 2026 mining conference in Johannesburg, Billy Mawasha, CEO of Bokamoso Gold and former AngloGold Ashanti executive, argued that Bitcoin cannot replace gold, describing the precious metal as a trusted store of value that has stood the test of time.
Addressing delegates in Johannesburg — a city whose growth was driven by the discovery of gold more than a century ago — Mawasha challenged the notion that gold is becoming “the new Bitcoin.”
“My view is very simple: gold is not the new Bitcoin. Bitcoin is trying very hard to become the new gold,” he said.
Mawasha compared the debate to asking whether “your grandfather is the new teenager,” noting that while both gold and Bitcoin have value, they serve different purposes and cannot be viewed as direct substitutes.
Presenting what he called five common myths about gold, Mawasha highlighted the scale and enduring importance of the gold market. He noted that above-ground gold stocks are worth an estimated $31 trillion and are held by central banks, pension funds, sovereign wealth funds, businesses, and households around the world.
He pointed to India as an example, citing estimates that Indian households collectively own more than 33,000 tonnes of gold—more than the official gold reserves of the United States.
“Gold remains not a niche asset, but a global institution,” he said.
Addressing criticism that gold is a “boring” investment, Mawasha argued that stability should be viewed as a strength rather than a weakness.
“Sometimes boring is good,” he said, comparing gold’s reliability to the predictable performance expected from an aircraft’s engines.
While acknowledging that many younger investors are attracted to Bitcoin, Mawasha said new technologies often coexist with older ones rather than replacing them. He also noted that central banks have significantly increased gold purchases in recent years, acquiring nearly 4,000 tonnes over the past several years.
Responding to arguments that gold generates no yield, dividends, or interest, Mawasha compared the metal to a fire extinguisher.
“You don’t buy a fire extinguisher because it generates yield. You buy one to make sure that the day you need it, it is there,” he said. “The role of gold is to stop you from becoming poor unexpectedly.”
Mawasha acknowledged similarities between gold and Bitcoin, including their scarcity and their appeal as alternatives to traditional currencies. However, he emphasized that gold’s 5,000-year history gives it a level of trust and resilience that Bitcoin, which has existed for only 17 years, has yet to achieve.
“Bitcoin is important, but it can never be the same as gold,” he said.
Concluding his remarks, Mawasha stressed the importance of gold to South Africa’s history and future.
“Gold built this city,” he said, referring to Johannesburg. “Gold is a trusted store of value, a strategic reserve, a hedge against uncertainty, and a foundation for generations.”
His final message to investors was simple: “Buy gold.”