Neils ChristensenNeils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada. He has worked exclusively within the financial sector since 2007, when he started with the Canadian Economic Press. Neils can be contacted at: 1 866 925 4826 ext. 1526 nchristensen at kitco.com @Neils_cShareDisclaimer: The views expressed ...

The price of gold has gone up 85.56% in the past 12 months—it currently sits at over $5,100 on the Comex continuous contract—so if you bought some a year ago, you are probably pretty happy. But if you are a jewelry maker or retailer who needs to buy gold repeatedly as part of your manufacturing operations, you’ve got a logistical headache. You can wait until all your current inventory has been sold and then use that cash to buy more gold for new products. But that takes time, and while you are waiting the ...

Core Viewpoint - Bitcoin prices are experiencing significant volatility, currently down 30% from their highs, and there is uncertainty regarding future interest rate cuts which may impact market sentiment [1][2]. Company Insights - Coinbase aims to become an "everything exchange," allowing users to trade public stocks, cryptocurrencies, and prediction markets on a single platform, competing with Robinhood, which has a brokerage background [3][4]. - Coinbase has a competitive advantage with over 100 million users and a crypto-friendly approach, while traditional financial players are also entering the crypto space with substantial resources [6][7]. Industry Trends - The integration of artificial intelligence and tokenization is seen as pivotal for the future of finance, with companies vying for dominance in these areas [5][17]. - The competition among financial firms is expected to benefit individual investors through lower prices and improved market access [8]. Market Performance - Bitcoin has shown a compound annual growth rate of 70% over the last decade, despite recent disappointments regarding price expectations [10]. - The volatility of Bitcoin has been decreasing, which may lead to smaller drawdowns compared to historical trends, suggesting a more stable price environment moving forward [11][15]. Future Outlook - The potential for Bitcoin and cryptocurrencies to serve as a defensive asset on corporate balance sheets is highlighted, with firms likely to invest in crypto to protect purchasing power [18][19]. - The lack of regulatory clarity remains a concern, with no significant legislative developments on the horizon that could impact the market [16].

Tokenized Gold - Tokenized gold addresses the monetary use case while retaining gold's inherent utility and scarcity [1]

Tokenized Commodities Market - The market capitalization of tokenized gold has increased 50x since 2021, reaching $36 billion [1]

Market Overview - Tokenized gold market cap reaches $36 billion [1] - Tokenized gold market cap increased 5000% since 2021 [1]

Tokenized Commodities - Tokenized commodities are emerging onchain [1] - Tokenized gold onchain has increased from approximately $12 billion to $35 billion [1] Market Size - The current value of tokenized gold onchain is approximately $35 billion [1]

Market Trends - Tokenized commodities are emerging onchain [1] - Tokenized gold onchain has increased from approximately 12 亿 (1.2 billion) 美元 in January 2025 to approximately 35 亿 (3.5 billion) 美元 today [1]

Core Insights - The rise of gold prices to all-time highs has increased interest in tokenized gold as a means for investors to engage in the "debasement trade" through blockchain technology [1] - Tether's gold tokens (XAUT) experienced a significant market cap increase from $1.44 billion to nearly $2.1 billion, reflecting a 60% jump in value as gold prices surged [2] - Tokenized gold currently represents about 1% of the real-world asset market, with a market cap of approximately $3 billion, compared to stablecoins backed by the US dollar, which have a market cap of around $300 billion [3] Industry Trends - Tokenized gold offers an alternative method for holding gold in a digital wallet, allowing for 24/7 trading and peer-to-peer transferability, as noted by WisdomTree's head of digital assets [4] - The ability to use tokenized gold as collateral for loans is highlighted as a compelling feature, especially in the context of US dollar debasement [5] - Both gold and bitcoin are viewed as complementary assets that serve as hedges against inflation in a climate of extensive money printing [6] Market Dynamics - The tokenization of assets has gained traction in the US, supported by new legislation that has spurred the growth of stablecoins [7] - Industry leaders, including Robinhood's CEO and BlackRock's CEO, emphasize the unstoppable momentum of tokenization and its potential to revolutionize investing [8]

Core Viewpoint - A debate is emerging between Peter Schiff, a gold advocate and Bitcoin critic, and Changpeng "CZ" Zhao, co-founder of Binance, regarding the merits of Bitcoin versus tokenized gold as a form of money [1][2]. Group 1: Debate Context - Schiff has publicly invited CZ to discuss which asset better fulfills the traditional economic functions of money, including being a medium of exchange, a unit of account, and a store of value [1]. - CZ has expressed willingness to engage in the debate, acknowledging Schiff's professional approach despite their differing views on Bitcoin [2]. Group 2: Market Performance - Gold has recently reached a record high of over $4,035 per ounce, driven by U.S. government gridlock and concerns about fiscal stability [3]. - Bitcoin has also seen significant gains, surpassing $126,000 earlier this month, marking its highest value to date [3]. Group 3: Asset Perspectives - Schiff argues that Bitcoin's volatility and lack of intrinsic value make it unsuitable as money, while he promotes tokenized gold as a superior asset that combines the tangible nature of gold with blockchain efficiency [4][5]. - Schiff's upcoming platform, Shift Gold, aims to allow users to buy, store, and redeem gold through blockchain-based tokens [5]. Group 4: Counterarguments - CZ counters Schiff's claims by stating that tokenized gold relies on third-party custodians, which undermines its status as "on-chain" gold, and emphasizes that Bitcoin's decentralized nature makes it a more reliable digital currency [6]. - The exchange between Schiff and CZ highlights a longstanding debate in finance regarding whether digital or physical scarcity will shape the future of monetary value [7].