Binance’s CZ says gold is ‘not a limited supply asset,’ so it can’t beat Bitcoin
The post Binance’s CZ says gold is ‘not a limited supply asset,’ so it can’t beat Bitcoin appeared on BitcoinEthereumNews.com. Changpeng Zhao, better known as CZ, went to X on Saturday and took a jab at gold. “Not against gold, but it’s not a limited supply asset,” he posted. That one line was enough to piss off gold bugs and draw another line between the crypto crowd and the precious metals faithful. CZ made it clear why he still bets on Bitcoin: it’s capped, and gold isn’t. He didn’t say anything else. He didn’t need to. This came as gold’s outstanding rally seemingly comes to a halt. On Friday, spot gold slid 0.4% to $3,228.50 an ounce, putting it on track for a 2.6% weekly loss. This was after it hit a record high of $3,500.05 on April 22. But by last Thursday, it dropped to the lowest level since April 14. US gold futures still closed up 0.6% at $3,243.30, though that didn’t reverse the trend. Gold was struggling as the US and China both toned down the trade war talk. China’s commerce ministry said the US had shown interest in working things out on tariffs, and that Beijing was open to discussion. The easing tension hurt demand for safe assets. The fear that had driven gold higher was fading. Daniel Pavilonis, senior market strategist at RJO Futures, said, “Gold looks like $3,500 may be a top for a little while,” especially if more trade deals start showing up and risk appetite comes back. He pointed out that a drop in panic usually means gold cools down. That’s what’s happening now. At the same time, the US jobs report landed. It showed that nonfarm payrolls jumped by 177,000 last month. That crushed the estimate of 130,000. Even so, the stronger job numbers made traders think the Federal Reserve might not cut rates in June. The 10-year Treasury yield went up.…
The post Binance’s CZ says gold is ‘not a limited supply asset,’ so it can’t beat Bitcoin appeared on BitcoinEthereumNews.com.
Changpeng Zhao, better known as CZ, went to X on Saturday and took a jab at gold. “Not against gold, but it’s not a limited supply asset,” he posted. That one line was enough to piss off gold bugs and draw another line between the crypto crowd and the precious metals faithful. CZ made it clear why he still bets on Bitcoin: it’s capped, and gold isn’t. He didn’t say anything else. He didn’t need to. This came as gold’s outstanding rally seemingly comes to a halt. On Friday, spot gold slid 0.4% to $3,228.50 an ounce, putting it on track for a 2.6% weekly loss. This was after it hit a record high of $3,500.05 on April 22. But by last Thursday, it dropped to the lowest level since April 14. US gold futures still closed up 0.6% at $3,243.30, though that didn’t reverse the trend. Gold was struggling as the US and China both toned down the trade war talk. China’s commerce ministry said the US had shown interest in working things out on tariffs, and that Beijing was open to discussion. The easing tension hurt demand for safe assets. The fear that had driven gold higher was fading. Daniel Pavilonis, senior market strategist at RJO Futures, said, “Gold looks like $3,500 may be a top for a little while,” especially if more trade deals start showing up and risk appetite comes back. He pointed out that a drop in panic usually means gold cools down. That’s what’s happening now. At the same time, the US jobs report landed. It showed that nonfarm payrolls jumped by 177,000 last month. That crushed the estimate of 130,000. Even so, the stronger job numbers made traders think the Federal Reserve might not cut rates in June. The 10-year Treasury yield went up.…
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