World Gold Council CEO predicts Bitcoin will fall to zero

David Tait, CEO of the World Gold Council, has expressed his personal intuition that Bitcoin will eventually fall to zero. Speaking at Consensus Miami, Tait argued that Bitcoin lacks long-term sustainability and criticized its high correlation with risky assets, noting that it has failed to act as a true hedge or counterweight during market crises.

Despite his bearish outlook on the cryptocurrency, Tait advised investors to maintain a diversified portfolio. He suggested that gold and Bitcoin could serve as balancing assets for one another during periods of crisis, emphasizing that his stance is not an anti-Bitcoin position but a reflection of his market experience.

Binance founder CZ responded to the comments, noting that many people have made incorrect judgments regarding cryptocurrencies in the past. CZ remarked that understanding the field takes time and acknowledged the fallibility of human judgment.