World Gold Council CEO David Tait says Bitcoin (CRYPTO: BTC) is going to zero, calling it “pure instinct” with no reasoning behind the view.
Gold Council CEO: Bitcoin Doesn’t Offset Risk Assets
Tait explained on Tuesday that Bitcoin correlates with risk assets during crises instead of offsetting them as intended.
He believes Bitcoin was meant to disassociate itself from risky assets but hasn’t delivered on that promise.
“I thought it was meant to be an offset, something that you could compensate for having exposure to risky assets,” Tait stated. “It didn’t really do that to that extent,” he added.
He also argued that investors should hold both gold and Bitcoin if they have either, since the assets offset each other. However, his personal view is that Bitcoin won’t sustain in the very long term.
When Asked What Would Change His Mind: Nothing
When pressed on what …