Gold’s $2.1 Trillion Crash in One Day Sparks Fears Across Markets
In one day, gold collapses by 2.1 trillion, wiping out more than half of the global crypto market. Bitcoin briefly surpasses 109,000 dollars, but its rise is abruptly stopped by whale sales. Gold falters, but bitcoin still struggles to assert itself as a safe haven compared to the precious metal.
In brief
- In one day, gold lost 2.1 trillion dollars, more than half of the crypto market
- Despite this drop, bitcoin failed to establish itself as a lasting safe haven
- Between gold skeptics and supporters of the “flippening”, the duel between tradition and innovation remains open, reflecting a true clash of financial generations.
CZ, Novogratz and the prophecy of gold’s “flippening”
The debate goes beyond the daily prices. Changpeng Zhao (CZ), former CEO of Binance, recently revived a controversial idea: bitcoin will eventually surpass gold in market capitalization. “I don’t know when, but it will happen”, he declared, convinced that the switch is inevitable.
The same view is shared by Mike Novogratz of Galaxy Digital who predicts a possible “flippening” by the end of the decade. For him, younger generations are abandoning bullion: tomorrow’s safe haven 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 capitalization of the yellow metal is around 13 trillion dollars, compared to about 2 trillion for bitcoin. The path to financial supremacy will not be without resistance, nor without violent cycles.
Schiff versus Pompliano: the battle of narratives
In the face of crypto enthusiasm, the famous “gold bug” Peter Schiff plays the realism card (or skepticism, depending on the camp). For him, the “great rotation” from gold to bitcoin is already over. After the bulls failed to keep BTC above 110,000 $ , he believes investors simply witnessed a passing speculative bubble.
On his side, Anthony Pompliano, a fervent bitcoin evangelist, had declared a few hours earlier that this rotation had indeed started.
But market reality quickly proved him wrong: bitcoin gave back its gains as fast as it had accumulated them. Pompliano, already criticized for calling gold a “disastrous investment”, finds himself against the current even while the precious metal has outperformed BTC over the year.
A clash of generations
Ultimately, the confrontation between gold and bitcoin is less a battle of performance than a cultural and generational clash. Gold embodies stability, heritage, millennial trust. Bitcoin represents speed, autonomy, disruption.
The loss of 2.1 trillion dollars in the gold market is not just a statistic: it is a sign of transition. It illustrates a world where traditional safe havens are questioned, and where digital asserts itself as a credible investment vehicle.
But it would be premature to bury gold. Its market depth, geopolitical role, and monetary neutrality remain unmatched. Bitcoin , meanwhile, continues to learn to live with its own volatility, a double-edged sword of an asset still under construction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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