David Tait, CEO of the World Gold Council, said during an appearance on David Lin’s channel that his personal view is Bitcoin is “heading to zero.” Speaking at Consensus Miami, he criticized Bitcoin’s high correlation with risky assets and argued that the leading cryptocurrency’s current functionality may not be sustainable in the long term.
Despite the bearish personal outlook, Tait did not advise investors to avoid Bitcoin entirely. He stressed the importance of portfolio diversification, saying that someone who owns gold should also hold Bitcoin, and someone who holds Bitcoin should definitely own gold, because the two assets can balance each other in times of crisis.
Tait linked gold’s price strength to massive public debt rather than temporary factors such as wars, interest rates, or tariffs, pointing specifically to the United States’ debt burden of $39 trillion. He acknowledged that his view was personal intuition and not an anti-gold stance.
Binance founder Changpeng Zhao responded by noting that many people have made incorrect judgments about crypto in the past, and that understanding the sector takes time. He added that he cannot be 100% sure he is right, since everyone is human.
