On Saturday, Changpeng Zhao – also known as CZ, the former CEO of Binance – took to the social media platform X and posted a short but suggestive line: 'Not against gold, but it’s not a limited supply asset.' That seemingly simple statement angered the 'gold bugs' community – those who have absolute faith in gold. Once again, the boundary between 'old money' and 'new money' has been emphasized.

CZ did not say anything more. He did not need to. The reason he trusts Bitcoin remains the same: it has a capped supply of 21 million coins. Gold does not.

CZ's remarks came just as gold prices were showing signs of losing steam after a strong growth period. As of the end of Friday, the spot gold price fell by 0.4% to $3,228.50/ounce, bringing the total weekly decline to 2.6%. Previously, on April 22, gold reached a new peak at $3,500.05/ounce, but by the following Thursday, it had dropped to its lowest level since April 14. The U.S. gold futures contracts, although slightly up by 0.6% to $3,243.30, were not enough to reverse the downward trend.

Why is gold 'losing steam'?

The main reason comes from easing U.S.-China trade tensions. The Chinese Ministry of Commerce stated that the U.S. has shown goodwill in negotiating tariffs, and Beijing is also willing to engage in dialogue. As geopolitical concerns subside, the demand for safe havens – such as gold – also decreases.

Daniel Pavilonis, a senior market strategist at RJO Futures, commented: 'It seems that the level of $3,500 could be the peak for gold in the short term,' especially if there are further trade agreements and risk appetite returns to the market. When fear subsides, gold often loses its upward momentum. And that is exactly what is happening.

At the same time, the U.S. jobs report showed that non-farm payrolls rose by 177,000 last month, far exceeding the expectations of only 130,000. This result led investors to believe that the U.S. Federal Reserve may not cut interest rates in June. The U.S. 10-year bond yield rose – further diminishing gold's appeal as gold itself does not generate returns.

Not only gold, but the precious metals market is also affected. Silver fell 1.3% to $31.98/ounce. Platinum rose slightly by 0.1% to $959.20, while palladium increased by 0.6% to $946.18. However, all three are still in a weekly downtrend.

Bitcoin 'closes in' on gold

When gold adjusts, Bitcoin quietly regains its position. Although since the beginning of the year, Bitcoin has only increased by less than 1%, it still outperforms the S&P 500 index – which has dropped more than 6%.

After hitting a yearly low on April 8, Bitcoin surged about 20%. Although it is still below gold's 26% increase for 2025, this recovery is still noteworthy. In the battle between 'old money' and 'new money,' Bitcoin is narrowing the gap.

Of course, Peter Schiff – who is famously 'anti' Bitcoin – could not remain silent. He posted on X: 'The recent price action shows that Bitcoin has not decoupled from NASDAQ and does not trade like gold as many claim.' He advises those worried about inflation to buy gold, not Bitcoin. 'If you want to bet on NASDAQ, just buy tech stocks,' Peter emphasized, warning that declining government bond prices and a weakening USD will increase borrowing costs, leading to rising debt.

Is Bitcoin no longer 'in sync' with gold?

The relationship between gold and Bitcoin was very close during the 2020–2024 period. However, by the end of March this year, that trend reversed. According to CNBC, the 25-week rolling correlation coefficient between these two assets has fallen to -0.42, the lowest level since early 2020.

Although the recovery in April pulled this index back to -0.28, it still shows that these two assets no longer share the same 'heartbeat.' With a coefficient of -0.42, it means that if gold increases by 1%, Bitcoin tends to decrease by 0.42%. A significant gap, especially when investors once viewed them as similar safe havens.

Although both recovered in April, the data shows that this relationship is wavering. However, not everyone is pessimistic.

Geoff Kendrick – head of digital asset research at Standard Chartered – believes Bitcoin is not really digital gold, but rather resembles a larger tech stock. In a March report, he wrote: 'Investors should view Bitcoin as a complementary large tech stock and also a hedge against traditional finance.'

Conclusion: While gold is affected by macro factors such as interest rate policies, geopolitical tensions, and market sentiment, Bitcoin is transforming, breaking away from old patterns and shaping a new role: both as a high-tech investment tool and a symbol of resistance against the old financial system. The story between gold and Bitcoin is not over – but it has certainly entered a new chapter.