CEO of World Gold Council Says Bitcoin May End Up at Zero

The CEO of the World Gold Council, David Tait, stated in an interview that Bitcoin could ultimately fall to zero. According to a report by Wu Blockchain, the executive made this remark while comparing the performance of BTC to gold and questioning the trust and support base of this digital asset.

In Tait's view, Bitcoin's price movements remain highly correlated with high-risk assets, failing to detach from this category and not providing protective benefits during moments of anticipated market pressure. In contrast, he noted that gold retains its characteristics as a safe-haven asset and tends to exhibit inverse volatility. Therefore, the executive also suggested that investors with exposure to Bitcoin should consider allocating to gold as a means of mutual hedging. Tait further mentioned that while stablecoins have practical uses in institutional environments and asset-backed structures, Bitcoin lacks the trust conferred by the public to fiat currencies and does not have the backing of central banks and large financial institutions. In his opinion, the lack of concrete applications and support will be the core reason for this asset potentially falling to zero.

The report gathered direct criticism from an executive related to the precious metals market regarding whether Bitcoin can serve as a store of value or a protective tool. According to Wu Blockchain's narrative, the essence of these remarks is not about immediate market fluctuations but rather a questioning of whether BTC can fulfill the functions traditionally associated with gold.

In the current context, these remarks reflect a distinctly skeptical view of Bitcoin, articulated by a representative figure in the gold industry. This opinion from the executive is based on a comparison of the two assets and reinforces the recurring contrast between the safe-haven narrative associated with gold and Bitcoin's position in the same discussion.

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