Binance founder Changpeng Zhao (CZ) said Bitcoin could eventually overtake gold in total market value, arguing that the current gap is only about tenfold and could close within a future market cycle if governments increasingly adopt BTC as a reserve asset.
Speaking at Bitcoin Asia, CZ said gold’s biggest advantage is not the metal itself but the mature custody, valuation and reserve infrastructure that governments have built around it over decades. He expects similar infrastructure around Bitcoin to develop gradually.
Bitcoin’s market cap is currently around $1.6 trillion. Matching the World Gold Council’s roughly $14 trillion estimate for investable gold would imply a Bitcoin price of about $697,000.
If Bitcoin were instead valued against the entire above-ground gold stock, estimated at roughly $31 trillion, the implied BTC price would rise to around $1.54 million.
CZ said the main assumption behind such a scenario is continued sovereign adoption of Bitcoin, while noting that a competing digital asset overtaking BTC remains a risk, though he currently sees that as unlikely.
Speaking at Bitcoin Asia, CZ said gold’s biggest advantage is not the metal itself but the mature custody, valuation and reserve infrastructure that governments have built around it over decades. He expects similar infrastructure around Bitcoin to develop gradually.
Bitcoin’s market cap is currently around $1.6 trillion. Matching the World Gold Council’s roughly $14 trillion estimate for investable gold would imply a Bitcoin price of about $697,000.
If Bitcoin were instead valued against the entire above-ground gold stock, estimated at roughly $31 trillion, the implied BTC price would rise to around $1.54 million.
CZ said the main assumption behind such a scenario is continued sovereign adoption of Bitcoin, while noting that a competing digital asset overtaking BTC remains a risk, though he currently sees that as unlikely.
