Gold loses 2.1 trillion: More than half of the crypto market surges
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In one day, gold drops by 2.1 trillion and wipes out more than half of the global crypto market. Bitcoin briefly crosses $109,000, but its rally is abruptly halted by whale selling. Gold is faltering, but Bitcoin is still trying to establish itself as a safe haven against the precious metal.
In short
- In one day, gold lost $2.1 trillion, which is more than half of the crypto market
- Despite this fall, Bitcoin has failed to establish itself sustainably as a safe haven
- Between gold skeptics and “flipping” advocates, the battle between tradition and innovation remains open and reflects a true clash of financial generations.
CZ, Novogratz and the gold flippening prophecy
The debate goes beyond the lessons of the day. Changpeng Zhao (CZ), the former CEO of Binance, recently revived a controversial idea: Bitcoin will eventually overtake gold in market capitalization. “I don’t know when, but it will happen”he stated, convinced that a shift was inevitable.
The same observation for Galaxy Digital’s Mike Novogratz, who predicts a possible “flip” by the end of the decade. According to him, younger generations are abandoning gold: the safe haven of tomorrow will be digital, crypto, portable and transparent. In this vision, Bitcoin is not just an alternative to gold: it is its logical evolution.
However, the road remains long. The yellow metal’s capitalization is around $13 trillion, compared to roughly $2 trillion for bitcoin. The path to financial dominance is not without resistance or cycles of violence.
Schiff versus Pompliano: A Battle of the Stories
In the face of crypto enthusiasm, the famous “gold bug” Peter Schiff plays the card of realism (or skepticism, depending on the camp). For him, the “big rotation” from gold to bitcoin is over. After the bulls failed to hold BTC above $110,000, they believe investors were simply witnessing a temporary speculative bubble
Anthony Pompliano, an ardent Bitcoin evangelist, stated a few hours ago that this rotation has indeed begun.
However, market reality quickly proved him wrong: Bitcoin returned its gains as quickly as it accumulated them. Pompliano, already criticized for calling gold a “disastrous investment,” finds himself going against the grain even though the precious metal has outperformed BTC over the course of the year.
Clash of generations
Ultimately, the confrontation between gold and bitcoin is not so much a power battle as a cultural and generational clash. Gold embodies stability, heritage, age-old trust. Bitcoin represents speed, autonomy, disruption.
The $2.1 trillion loss in the gold market isn’t just a statistic: it’s a sign of transition. It illustrates a world where traditional safe havens are being challenged and where digital technologies are establishing themselves as a credible investment vector.
But it would be premature to bury the gold. Its market depth, geopolitical role and currency neutrality remain elusive. Bitcoin is still learning to live with its own volatility, which is a double-edged sword for an asset that is still under construction.
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Fascinated by Bitcoin since 2017, Evariste continued to research the topic. If his first interest was trading, now he is actively trying to understand all the developments focused on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.