CZ’s Brutal Takedown: Gold ’Can’t Compete’ With Bitcoin’s Scarcity
Binance CEO Changpeng Zhao just dropped a truth bomb on goldbugs—the yellow metal’s infinite supply makes it a ’weak store of value’ compared to Bitcoin’s hard-capped 21 million.
"Gold isn’t scarce," CZ scoffed during a recent AMA, pointing to asteroid mining and undersea reserves that could flood the market. "Bitcoin’s code-enforced scarcity? That’s real digital gold."
The jab comes as institutional investors increasingly treat BTC as a macro asset—while gold ETFs bleed billions. Wall Street’s latest ’inflation hedge’ play? Probably another leveraged crypto derivative.
Bitcoin inches closer to gold
While gold stumbled, Bitcoin was making moves. It’s still up less than 1% for the year, but that’s better than the S&P 500, which has dropped over 6%.
After hitting its 2025 low on April 8, Bitcoin bounced back around 20%. It didn’t beat gold’s 26% rise this year, but it came close. That rebound mattered for people watching the fight between old money and new.
Bitcoin’s top hater Peter Schiff didn’t stay quiet either. He went on X and said, “It should be clear from recent price action that claims that Bitcoin has decoupled from the NASDAQ and now trades more like gold are false.” He told people worried about inflation to buy gold.
“If you want to bet on the NASDAQ,” said Peter, “just buy tech stocks.” Peter added the market would get hit by falling Treasury prices and a weaker dollar, which would drive up borrowing costs and debt.
The tie between Bitcoin and gold has changed a lot. Between 2020 and 2024, they usually moved together. But by the end of March this year, that pattern broke. A CNBC report showed the 25-week rolling correlation between the two dropped to -0.42.
That’s the lowest since early 2020. The April rebound pushed the number back up to -0.28, but that still means they’re not closely tied. A number like -0.42 means when gold goes up 1%, Bitcoin drops 0.42%. That’s a big gap for two assets people used to treat the same.
Even though April looked good for both, their relationship is shaky. The numbers show that Bitcoin and gold aren’t moving in sync. But some believe they might again. That’s where Geoff Kendrick, head of digital assets research at Standard Chartered, comes in.
In a March note, he wrote that Bitcoin isn’t really gold. It acts more like tech. “Investors might benefit from viewing Bitcoin as both an additional big tech stock and as a hedge against traditional finance,” Geoff said.
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