Bitcoin analyst Willy Woo said gold’s current market value is about $32 trillion, but if it still served as a global monetary anchor, its fair value would be about $103 trillion. According to ChainCatcher, he made the remarks while responding to investor Gary Cardone’s criticism and said the view of gold as a financial asset is a misconception shaped by the U.S. government and Wall Street.

Woo said gold has functioned as money for thousands of years and argued that Bitcoin is competing to become a similar global hard currency. Based on that logic, he said Bitcoin would correspond to a price of about $5 million per coin. He also said the global fiat currency system has operated for only about 55 years, describing it as more of an experiment than a long-standing monetary system.