Gold chief predicts Bitcoin to zero as CZ defends $63K asset

World Gold Council CEO David Tait said Bitcoin heads to zero, rejecting its "digital gold" status as the asset trades near $63,000, per CoinGecko data.

"My personal opinion is that Bitcoin will go to zero," Tait said during a Consensus Miami interview with David Lin, a clip that has since gone viral on social media.

Tait criticized Bitcoin's high correlation with risky assets, arguing the leading cryptocurrency behaves as high-beta risk during market downturns rather than a hedge. He nevertheless advised investors to hold both assets: "Someone who has gold in their portfolio should also have Bitcoin, and someone who holds Bitcoin should definitely have gold." The WGC CEO attributed gold's price gains to massive public debt, specifically citing the US debt burden at $39 trillion.

Binance founder Changpeng Zhao pushed back on the prediction, noting that many people have made incorrect judgments about cryptocurrencies in the past and that understanding the field takes time. The exchange between the two figures highlights the widening divide between traditional finance and crypto as gold demand reached $380 billion in purchases during the first half of the year.

Gold's Rally and Bitcoin's Correlation Problem

Tait's comments come as gold trades near $4,400 per ounce, with central bank purchases up 62 percent year-over-year. The WGC CEO said the increases in gold prices stem from structural factors — massive public debt — rather than temporary drivers such as wars, interest rates, or tariffs.

Bitcoin's growing correlation with equities, particularly the S&P 500, has complicated its narrative as a safe haven. The cryptocurrency has sagged from its May 2026 peak of around $77,500, and institutional players including Citi and Standard Chartered have trimmed their price targets. Citi cut its target from $112,000 to $82,000, citing dwindling demand and regulatory concerns.

CZ's Response

Zhao, who founded Binance, said many people have made incorrect judgments about cryptocurrencies in the past, but understanding the field takes time. He added that he cannot be 100 percent sure he is right, "after all, everyone is human."

Tait acknowledged that it might be logical for investors to hold gold and Bitcoin together as risk balancers in current market conditions. "Bitcoin may be working and functioning right now," he said, "but my instinct and personal feeling is that this won't be sustainable in the long term."

The debate over Bitcoin's role as a safe haven carries implications beyond rhetoric. With gold projected to reach $4,600 to $5,200 per ounce by 2027, and Bitcoin needing to nearly double to revisit its former peak of $126,198, the two assets are diverging in investor perception. For now, Tait's prediction remains an opinion — but it reflects a growing institutional skepticism that could shape capital flows in the months ahead.

This article is for informational purposes only and does not constitute investment advice.