2026-01-16 01:30:37

#Strategy加仓BTC Renowned investor Max recently made another "remark"—directly pointing out that gold is an investment illusion.

This co-founder of Oak Tree Capital was blunt: gold doesn't generate cash flow at all, its pricing relies purely on subjective imagination, just like the Emperor's New Clothes, everyone pretends to see it. Compared to assets like $BTC, $ETH that can generate returns, the valuation logic of gold is completely untenable.

His conclusion hits home: gold can preserve value only because people believe it does. Once a crisis erupts, prices still plummet, and history has repeatedly proven this. Therefore, a truly reliable investment portfolio shouldn't allocate too much weight to gold.

Of course, reality is complex. Central banks are frantically buying gold, and geopolitical tensions are driving up gold prices. It increased by 7% in 2026, which also looks good. But Max insists—hot money without real value backing will eventually fade away. Assets with cash flow and practical use cases are more worth paying attention to. This perspective on investing in Bitcoin and other digital assets is also quite enlightening.

BTC-5.23%

ETH-9.23%

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AlwaysMissingTops

· 01-18 20:46

Max, this guy is right. Gold is just a consensus game with no cash flow. I've already all-in on BTC; that's the real asset.

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SighingCashier

· 01-18 00:36

Gold is just a faith game, Max hit the nail on the head with that.

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StopLossMaster

· 01-17 10:42

Gold is just a faith game; Max's words are spot on. Cash flow is the real deal.

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GateUser-3824aa38

· 01-16 15:40

Max's words are a bit extreme... Gold has been rising for so many years, and central banks are still hoarding it. Does it really have no value at all? It seems that Bitcoin's current logic is pretty much the same, it's all a confidence game.

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FloorSweeper

· 01-16 02:00

I'm tired of the same old talk about gold, but Max hit the nail on the head this time... cash flow is the real king, isn't BTC attractive?

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GateUser-26d7f434

· 01-16 01:58

Max's words sound great, but how do you explain the central bank's crazy gold purchases? It seems that both gold and BTC are actually betting on confidence, so don't be too absolute.

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AirDropMissed

· 01-16 01:56

Max is right, gold is just a collective illusion.

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TokenomicsDetective

· 01-16 01:54

Max says that gold has no cash flow and is purely based on imagination. That sounds reasonable, but it's still too absolute. Central banks are buying frantically—are you saying it's an illusion?

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failed_dev_successful_ape

· 01-16 01:51

Gold is just a scam, I've seen through it long ago. Max is right, without cash flow, what's it worth? Bitcoin is more attractive.

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GasFeeNightmare

· 01-16 01:47

Gold is just a faith game, Max's words hit the mark. It's not like we've never seen gold plunge during a crisis, really? BTC and ETH at least have ecosystems; gold relies purely on people's imagination. Central banks buying gold? That still can't change the fundamental lack of cash flow. Those who still stubbornly cling to gold weight should think carefully. Compared to gold, I trust assets with use cases more—that's the real way forward.

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