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

Core Insights - Gold reached a new all-time high of $3,783 per ounce on September 22, surpassing the previous inflation-adjusted high from January 1980 [2] - Changpeng Zhao, founder of Binance, criticized gold's utility, highlighting its physical constraints compared to digital assets like Bitcoin [1][4] - The rise in gold prices is attributed to investor concerns and the perception of gold as a safe haven during times of fear, reminiscent of the Volcker era [3] Gold vs. Bitcoin - Gold has traditionally been viewed as a safe haven, while Bitcoin is increasingly seen as a digital alternative, offering portability and verifiability [4] - Bitcoin has outperformed gold by 22.72% over the past year, positioning it as a potential hedge against inflation [5] - The scarcity of gold is determined by geological factors, whereas Bitcoin's scarcity is mathematically defined, making it attractive in an inflationary environment [4][5]