Binance founder Changpeng Zhao, known as CZ, suggests that Bitcoin could surpass gold in total market value during the next market cycle. He estimates the current valuation gap between the two assets is approximately tenfold. Zhao notes that this shift depends on nations increasingly adopting Bitcoin as a strategic reserve asset, a process that typically spans several years.
The current market capitalization of Bitcoin is approximately $1.6 trillion. According to data from the World Gold Council, the value of investable gold is estimated at $14 trillion. To match this figure, Bitcoin would need to reach a price of approximately $697,000 per coin, based on a circulating supply of 20.08 million BTC.
When considering the total above-ground stock of gold, which includes jewelry and industrial holdings, the valuation reaches roughly $31 trillion. Matching this broader figure would imply a Bitcoin price of approximately $1.54 million. Mexican billionaire Ricardo Salinas Pliego has offered a similar estimate, projecting a price near $1.86 million based on different supply assumptions.
Zhao identified the potential emergence of a rival digital asset as the primary risk to this timeline, though he currently considers such a scenario unlikely. Meanwhile, US lawmakers are actively debating a proposal for a Strategic Bitcoin Reserve, while central banks continue to increase their physical gold holdings at record rates.