By cryptoadmin David Tait, CEO of the World Gold Council, made radical statements about the cryptocurrency world while appearing as a guest on David Lin’s channel.
Tait stated that his personal opinion on Bitcoin is “to go to zero,” and criticized the leading cryptocurrency’s high correlation with risky assets.
Nevertheless, Tait, who offered market advice to investors, emphasized the importance of portfolio diversification: “My opinion is purely a personal intuition. However, someone who has gold in their portfolio should also have Bitcoin, and someone who holds Bitcoin should definitely have gold. Because these two assets balance each other out during times of crisis.”
The WGC CEO stated that the increases in gold prices are due to massive public debt rather than temporary factors such as wars, interest rates, or tariffs, specifically highlighting the US debt burden, which has reached $39 trillion.
Speaking to David Lin at Consensus Miami, a major event in the cryptocurrency and finance world, Tait responded without hesitation to the question, “What do you think about Bitcoin being called ‘digital gold’?” Tait stated, “My personal opinion is that Bitcoin will go to zero.” He argued that this prediction did not stem from an anti-gold stance, acknowledging that it might be logical for investors to hold gold and Bitcoin together as risk balancers in the current market conditions.
However, based on his market experience and instincts, he stated that he does not believe in Bitcoin’s long-term sustainability:
“Bitcoin may be working and functioning right now, but my instinct and personal feeling is that this won’t be sustainable in the long term.”
Binance founder CZ commented on the World Gold Council CEO’s statement that Bitcoin’s value will fall to zero. CZ stated that many people have made incorrect judgments about cryptocurrencies in the past, but understanding this field takes time, and added that he cannot be 100% sure he is right, after all, everyone is human.
*This is not investment advice.