Billionaire says gold is ‘great’ only if ‘no one digs more’ of it

As gold reached a new all-time high on Sept. 23, Binance founder and crypto billionaire Changpeng "CZ" Zhao mocked it, claiming its utility is limited by physical constraints.

"Gold is great if you can carry it everywhere, through airports, for example, you have all the right sizes to pay people with, you can verify its pureness when receiving it, and they don't dig more of it out of the ground…" CZ wrote on X.Binance Co-Founder Changpeng Zhao, or CZ, delivers a speech at the opening event of Europe's largest tech conference in 2022.Getty Images

Gold is not 'great' news

On September 22, gold prices went above $3,783 per ounce, breaking the previous inflation-adjusted high of $3,783 per ounce from January 1980.

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Henry Allen, a strategist at Deutsche Bank, says that the rise is more than just demand; it's also a sign of investor worry.

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"Whilst gold prices have many drivers, one is the perception that it operates as a haven that investors buy in times of fear," Allen told Fortune.

He said that the current rally is reminiscent of the Volcker era, when the Federal Reserve made money harder to obtain, and people were worried about a recession.

Gold for stability, Bitcoin for growth

Gold has long been the go-to safe haven, but Bitcoin is gaining in popularity as its digital analogue. Supporters argue that the cryptocurrency is portable and verifiable, with a hard supply cap, making it attractive in an inflationary environment.

For instance, David Bailey put in a sarcastic note, agreeing with CZ, saying, "If only someone could invent digital gold, it'd be a miracle!"

Bitcoin has often been likened to digital gold, as gold's scarcity is determined by geology and mining economics, whereas Bitcoin's scarcity is mathematical and absolute.Bitcoin has outperformed gold by 22.72% in 12 months. Source: Xe.com

Additionally, over the last year, Bitcoin has outperformed gold by 22.72%. Investors may view Bitcoin as a hedge against inflation, while gold remains the classic hedge against fear.

Related: Exclusive: SEC Commissioner Peirce says new crypto ETP rules aim to cut ‘chaos’

This story was originally reported by TheStreet on Sep 23, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

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