In the wake of a sharp, unexpected downturn in the prices of traditional safe-haven assets, Binance founder Changpeng "CZ" Zhao has offered a robust defense of Bitcoin's long-term potential. During a recent Q&A session, CZ addressed the market's Fear, Uncertainty, and Doubt (FUD) by directly comparing Bitcoin to gold.
CZ argued that Bitcoin is fundamentally a "far superior asset to gold," but acknowledged it is still in its early stages of global adoption. He noted that gold's market value is currently about 10 times that of Bitcoin, reflecting a much higher level of public familiarity and ownership. "I believe Bitcoin is much better than gold. However, Bitcoin is still a relatively new phenomenon and its adoption rate is low," CZ stated.
The commentary comes as gold and silver experienced a dramatic sell-off, with gold falling approximately 15% and silver plummeting as much as 38% within a 24-hour period. This event, which wiped out an estimated $15 trillion in combined market value, has been labeled a rare "black swan" event for the millennia-old physical assets.
CZ seized on this volatility to challenge the narrative that traditional assets are immune to extreme price shocks. "Even with a physical asset, like gold and silver, with thousands of years of history," such dramatic moves can occur, he remarked. He positioned Bitcoin, as a 17-year-old technology, as being in its infancy, heavily suppressed for much of its existence, with other crypto assets being even younger. "We are still early," CZ concluded, drawing a parallel to the gradual adoption of transformative technologies like artificial intelligence.
