The main storyline for the future of digital currencies may no longer be just whether “Bitcoin goes up or not,” but rather how much global capital, payments, and asset transactions will gradually migrate onto the blockchain.
Next, four areas are worth watching: Bitcoin challenging gold; stablecoins becoming the foundation infrastructure for payments; the United States (clarifying the bill)推动 asset tokenization onto the chain; and Binance’s positioning together with BNB, related to bnb粉.
1. Will Bitcoin surpass gold?
At the Bitcoin Asia 2026 conference held in Hong Kong, Changpeng Zhao shared a very clear judgment: a Bitcoin breakout to $1 million will definitely happen, and it doesn’t need to wait 25 years. He also believes that in the future, Bitcoin will surpass gold and become a more important global store-of-value asset.
However, he’s not only focused on price. For Bitcoin to truly reach $1 million, it needs to complete several key changes: become an allocation asset for pension funds and funds, enter the strategic reserves of more countries, and gain broader usage in global payments and savings.
The logic behind this judgment is that Bitcoin is gradually moving from a high-volatility asset traded by a small number of people into the balance sheets of enterprises, institutions, and even countries.
Gold has built consensus for thousands of years, along with mature reserves and trading systems, so this kind of change will not be completed overnight. But Bitcoin has a fixed total supply, circulates globally, is easy to verify, and fits the asset form of the digital economy—so it is a better fit for the internet era.
So whether Bitcoin can surpass gold doesn’t hinge on how high it can go in the next bull cycle, but on how many companies, pension funds, funds, and countries are willing to hold it long-term over the next decade.
In the long run, Bitcoin may have a chance to challenge gold’s store-of-value status, but that won’t be completed in the short term. Bitcoin’s advantages are a fixed total supply, easy transferability, it can be split, and it is better suited for global trading in the internet era.
II. Stablecoins become payment infrastructure
Gaining and holding the narrative power over stablecoins is tied to US financial hegemony—continuing to infiltrate smaller countries’ financial systems with US-dollar stablecoins is almost unstoppable for other governments. I’ve been thinking about one question: if the US federal debt total of about $4 trillion were converted entirely into purchases of US Treasuries by stablecoin companies like Circle issuing stablecoins, what would change for the United States?
I think that would completely rewrite the form of Treasury bond holders and US dollar liabilities. The US government is still in debt; it’s just that the creditors gradually shift from banks, funds, pension funds, and overseas central banks to stablecoin reserve funds. In other words, global stablecoin users would indirectly finance the US government by holding digital dollars.
If this trend continues, future stablecoins may form a new cycle of dollars:
US issues Treasury bonds
Stablecoin companies buy Treasury bonds
Global users hold stablecoins
Users’ funds continue to support US fiscal financing
The biggest winners of this system may be the US dollar, the US Treasury, stablecoin issuers, and the public chains that provide underlying services.
But for now, stablecoins have become an important buyer of short-term US Treasuries. As stablecoin size grows from hundreds of billions to tens of trillions, they may gradually become a key force in the US Treasury financing system.
III. (Clarification bill) could accelerate “de-emphasize real and chase virtual”
The “de-emphasize real and chase virtual” mentioned here does not mean that all funds leave the real economy to speculate in virtual coins. Rather, real-world assets begin to exist and trade in digital form.
After the US (clarification bill) is passed, the regulatory boundaries for digital assets, trading rules, and the responsibilities between the SEC and the CFTC are expected to become clearer. Regulatory clarity will not only be bullish for coin prices—the biggest impact is that traditional financial institutions can finally enter this market at a larger scale.
In the past, banks, funds, and listed companies could see the efficiency of on-chain assets, but they were uncertain about what exactly they could do, who would regulate it, and what would happen if something went wrong. Once the bill is in place, these concerns will be significantly reduced.
At that time, returns from Treasury bonds, funds, stocks, gold, and even real-estate-related rights may all accelerate tokenization. The assets themselves still exist, but the establishment of rights, trading, and settlement will gradually move onto the blockchain.
In other words, it’s not that real assets disappear in the future, but that the degree of digitization of assets keeps increasing. Wall Street won’t be replaced by blockchain either—it will move more and more business onto the blockchain.
So my advice for Binance users who still hold altcoins is: you really should take the future trend seriously. Right now, there’s hardly any value in the altcoin market, and in most cases it will likely end up at zero.
IV. How will Binance move forward, and how should BNB be defined?
In the past, Binance relied on trading volume, liquidity, and the scale of its users to become one of the world’s largest cryptocurrency trading platforms. But if it only does an exchange going forward, the growth room will become increasingly limited.
Binance’s next step needs to move from a “trading platform” to a “comprehensive digital-asset gateway,” while providing services including trading, wallets, payments, custody, stablecoins, on-chain applications, and asset issuance. Its biggest opportunity is its massive user base, and its biggest challenge is global regulatory compliance.
BNB also can no longer be simply understood as Binance’s platform token.
Today’s BNB has two main layers of value: one comes from the Binance ecosystem, including fee discounts, platform events, and user benefits; the other comes from the BNB Chain, which is the base asset for paying Gas fees, participating in staking, and using on-chain applications.
But BNB is not a Binance stock. Holding BNB does not mean holding equity in Binance, and it doesn’t mean you can share all of Binance’s profits.
In the future, BNB’s value becomes the base asset in stablecoin payments, on-chain trading, RWA, and AI financial activities.
As a BNB holder, I’d actually hope Binance increases the distribution of quarterly token dividends to holders, earning the nickname “Moutai of the crypto circle,” and further amplifying the value of holding.
Some thoughts on the future
In the future, the digital currency market may form a clearer division of roles:
Bitcoin is responsible for store of value; stablecoins handle payments; RWA connects to real-world assets; public chains handle trading and settlement; and exchanges connect users with liquidity.
If another round of the digital-currency market emerges, the driving force may no longer be only the halving cycle and retail sentiment, but also regulatory loosening, the entry of traditional capital, and the full on-chain tokenization of assets.