#BitcoinVSGold
CZ Critiques Gold, Reaffirms Bitcoin Support
Changpeng Zhao (CZ), founder of Binance, recently commented on X, subtly criticizing gold by stating, “Not against gold, but it’s not a limited supply asset.” The remark sparked backlash from gold enthusiasts, once again highlighting the ideological divide between traditional and digital asset investors.
Gold's Rally Cools Amid Market Shifts
Gold's recent surge appears to be losing momentum. Spot gold fell 0.4% on Friday to $3,228.50/oz, marking a 2.6% weekly decline after reaching a record $3,500.05 on April 22. The drop coincided with easing U.S.-China trade tensions, which reduced demand for safe-haven assets.
Daniel Pavilonis of RJO Futures remarked that $3,500 might be a short-term ceiling for gold, particularly as global risk appetite returns.
Stronger U.S. Jobs Data Adds Pressure
The latest U.S. jobs report revealed a 177,000 increase in nonfarm payrolls—surpassing expectations. This fueled speculation that the Federal Reserve may delay interest rate cuts, driving up the 10-year Treasury yield and further diminishing gold's appeal.
Broader Metals Market Declines
Silver dropped 1.3% to $31.98, platinum rose 0.1% to $959.20, and palladium climbed 0.6% to $946.18. However, all were on track for weekly losses.
Bitcoin Gains Ground
While gold cooled, Bitcoin posted a 20% rebound from its April 8 low, narrowing the gap with gold’s year-to-date gains. It also outperformed the S&P 500’s 6% decline.
Disclaimer
Investing in crypto carries risk. Always conduct thorough research before making financial decisions.
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