Bitcoin
Changpeng Zhao Projects Bitcoin Could Surpass Gold's Market Value in Next Market Cycle
Binance founder Changpeng Zhao suggested Bitcoin could overtake gold in total capitalization if nation-states continue adopting the cryptocurrency as a reserve asset.
Speaking at a Bitcoin Asia fireside chat, Binance founder Changpeng Zhao suggested that Bitcoin could surpass gold's total valuation during the next market cycle. Zhao noted that gold holds roughly a tenfold market capitalization advantage over Bitcoin, attributing the metal's lead primarily to centuries of established institutional custody, reserve systems, and regulatory infrastructure rather than intrinsic superiority.
Bitcoin's market capitalization stands near $1.6 trillion, compared to approximately $14 trillion in investable gold—which includes coins, bars, ETFs, and central bank reserves according to the World Gold Council. Reaching parity with that investable market would require a Bitcoin price of roughly $697,000 across current circulating supply. Valuing Bitcoin against gold’s broader $31 trillion supply, which includes jewelry and industrial applications, would imply a price target near $1.54 million.
Zhao stated that sovereign reserve allocations typically shift slowly, though he considers the transition toward Bitcoin likely unless a competing digital asset emerges. His comments coincide with debates among US lawmakers regarding a potential Strategic Bitcoin Reserve, even as central banks continue to acquire physical gold at record levels.
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