- Binance’s CZ reignited the gold vs. Bitcoin debate by calling gold an unlimited supply asset, favoring Bitcoin’s fixed cap.
- His remark came as gold prices dropped from record highs, while Bitcoin showed signs of a rebound.
This jab came at a sensitive time for gold bugs. Gold prices, which hit a record high of $3,500.05 an ounce in April, slid 2.6% this week. On Friday alone, spot gold fell 0.4% to $3,228.50. As safe-haven demand cooled amid easing U.S.–China trade tensions and stronger-than-expected U.S. job data, investors backed off the shiny metal.
“Gold looks like $3,500 may be a top for a little while,” said Daniel Pavilonis of RJO Futures. As risk appetite returns and panic wanes, assets like gold—typically buoyed by uncertainty—lose their shine. Meanwhile, rising Treasury yields and speculation that the Fed may hold off on rate cuts are also pressuring gold’s appeal.
Also read: Ripple to Acquire Circle? How the Potential Takeover Could Send XRP Price Soaring
Bitcoin, on the other hand, has been quietly staging a comeback. After bottoming out in early April, BTC has rebounded nearly 20%. While its 2025 gains still lag gold’s, the momentum is turning—and CZ’s comments underscore the belief that Bitcoin’s fixed supply makes it the superior long-term store of value.
Not everyone agrees. Gold proponent Peter Schiff fired back, saying Bitcoin still moves more like tech stocks than a true hedge asset. He pointed to weakening correlations between Bitcoin and gold, with the rolling 25-week correlation dipping to -0.42—its lowest since early 2020.
Yet, the debate over which asset is the better safe haven is far from over. Some analysts, like Standard Chartered’s Geoff Kendrick, suggest Bitcoin may actually be both a tech play and a financial hedge—part NASDAQ, part digital gold.
For now, CZ’s comment has struck a nerve, reaffirming the ideological divide between old-world assets and the digital frontier. Whether Bitcoin truly dethrones gold may depend less on volatility and more on long-term conviction in scarcity.