Brock Pierce, a co-founder of Tether (USDT), shared his insights on the recent dramatic drop in Bitcoin’s value and the concurrent rise in gold prices during an appearance on Fox Business’s Varney & Co. show.
Pierce explained that Bitcoin’s downturn is not attributed to a single cause but rather to several factors occurring simultaneously. He mentioned, “Trade conflicts with China, imposed tariffs, and worldwide uncertainties are unsettling the markets.” Additionally, he pointed out that Binance’s deleveraging process is contributing to increased selling pressure.
He also highlighted how political and economic instability in New York City—the epicenter of finance in the United States—is eroding investor confidence. Pierce remarked, “The elections happening in New York City are more than just local matters; they have implications for global financial systems.”
As host Stuart Varney shifted focus to gold’s rising value later during the discussion, Pierce commented that historically gold has served as a refuge during times of financial instability. Nonetheless, he noted that younger investors still view Bitcoin as a contemporary alternative:
“Gold boasts thousands of years of history as an investment vehicle; however, Bitcoin stands out as a compelling choice for today’s digital-savvy investors. Many now consider either gold or Bitcoin—or sometimes both—as viable options.”
At the time this segment aired, gold was priced at $4,287 per ounce. While Pierce refrained from making any definitive forecasts regarding its future price movement, he suggested it might continue climbing upward.
Meanwhile, Bitcoin was valued around $108,900—having experienced significant declines from its previous highs just weeks earlier.
*This information should not be construed as investment advice.