David Tait, CEO of the World Gold Council, predicts Bitcoin will fall to zero

David Tait, CEO of the World Gold Council, stated that Bitcoin will eventually fall to zero, emphasizing its inability to serve as a hedge against risk. He noted that Bitcoin remains highly correlated with risky assets, which contradicts its supposed role as a counterweight. Tait also criticized Bitcoin for its lack of concrete use cases and institutional support, despite its adoption by companies like BlackRock. In an interview with Bonnie Chang, he acknowledged that gold holders should also own Bitcoin, but he could not articulate what might convince him otherwise. He emphasized that the intrinsic trust of fiat currencies, backed by central banks, is absent in Bitcoin, whose decentralization could be both a problem and a strength.

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