Binance’s CZ Mocks Gold, Says Bitcoin Beats It for Real-World Use

Gold has been hitting record highs, inching closer to the $3,800 mark. It is up over 40% year-to-date. The precious metal is experiencing a rally driven by factors like global economic uncertainty, geopolitical tensions, weakening US Dollar and the expectations of a rate cut by the Fed.

Analysts are now eyeing a similar surge for Bitcoin, suggesting the crypto could be next in line.

Gold Leads, Is Bitcoin Next?

Analyst Lark Davis shared in a recent post that “Gold is on absolute tear right now” and predicts Bitcoin could be next in the rally.

Reacting to the post, Binance founder Changeng Zhao pointed out that while Gold is valuable, it is not very practical for everyday use. He notes that it is heavy, hard to carry, difficult to use in small payments, and requires verification of purity.

Digital currencies, in contrast, are much more convenient for transactions. “And holding it will generate more gold,” he added, pointing out humorously that gold, unlike other assets, does not produce additional value or yield simply by being held.

The Bitcoin vs Gold Debate

Bitcoin critic Peter Schiff highlighted an ironic shift. For years, Bitcoin investors were gaining while gold and silver lagged. Now gold is seeing strong gains while Bitcoin stalls.

Schiff predicts that if gold breaks $4,000 and Bitcoin falls below $100,000, investors may rotate from Bitcoin into precious metals. He also warns that if Bitcoin drops too sharply, there may not be enough money left from selling Bitcoin to fund this rotation.

Can Bitcoin and Gold Just Coexist?

Trader Blunz Capital points out that gold enthusiasts and Bitcoin supporters are essentially on the same side. Both are seeking alternatives to traditional financial systems. Yet they often argue more than they collaborate.

Deutsche Bank analysts see a more complementary future. Comparing Bitcoin’s adoption to gold’s historical rise, they note that as regulatory clarity improves and Bitcoin matures, its volatility is starting to decline.

Analysts foresee a future where both gold and Bitcoin could coexist on central bank balance sheets by 2030.

Bitcoin Tests Key Levels

Meanwhile, Bitcoin briefly dropped below the $113K level but has since recovered. It is still down over 2% in the past week. Michaël van de Poppe notes that Bitcoin’s price is at a critical point. If it stays above its current support, it could rise toward $115K. Otherwise, it risks dropping to $106–$108K.
Despite the current volatility, Bitcoin experts remain optimistic. Benjamin Cowen believes Bitcoin dominance has bottomed and will start rising again from late September through October, bringing liquidity back to BTC.