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World Gold Council CEO Blasts Bitcoin, Predicts It Goes to Zero
World Gold Council CEO David Tait said bitcoin will fall to zero, arguing that it behaves like a high‑beta risk asset—moving sharply with markets—rather than a safe hedge when markets turn ugly.
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What happened
World Gold Council CEO David Tait said bitcoin will fall to zero, arguing that it behaves like a high‑beta risk asset—moving sharply with markets—rather than a safe hedge when markets turn ugly.
Confirmed
Global impact / market context
If investors view bitcoin as a risky, not protective, asset, demand could drop and capital may shift toward gold, the traditional safe‑haven. This could lower bitcoin prices and affect large funds that hold crypto assets.
Analyst inference
Bitcoin’s price has shown high volatility, often moving more than traditional markets, while gold typically steadies investors for many during uncertainty. Tait’s comment adds a prominent gold‑industry voice questioning bitcoin’s role as an inflation hedge.
Analyst inference
What to watch
- Watch bitcoin price reactions after any major gold price rally; a stronger gold market may indicate investors shifting away from crypto as a hedge. Analyst inference
- Monitor statements from other precious‑metal firms; if more executives echo Tait’s view, it could influence institutional allocation decisions toward gold over crypto. Analyst inference
- Track inflows and outflows in gold ETFs versus crypto ETFs; a net move into gold funds may signal reduced appetite for high‑beta crypto assets. Analyst inference
Affected assets
- BTC — Bitcoin
- GOLD — GOLD