Binance Founder CZ Says Bitcoin Could Overtake Gold in Next Bull Run

Binance founder Changpeng Zhao, known as CZ, told attendees at Bitcoin Asia that the valuation gap between bitcoin and gold has narrowed enough that bitcoin could surpass gold’s market value in the next bull market.

Market Gap and Price Implications

CZ noted that the current market cap difference is roughly ten‑fold. If bitcoin were to match gold’s total market value, estimates place the price of a single bitcoin around $1.86 million.

Sovereign Reserve Adoption as a Catalyst

According to CZ, the most significant driver for bitcoin overtaking gold would be adoption as a strategic reserve by national governments. He argued that existing institutional frameworks for gold are entrenched, so a shift to bitcoin would take time but is inevitable.

Correlation Shifts Toward Gold

Data from Glassnode shows bitcoin’s 90‑day correlation with gold has risen to about 0.57, up from 0.21 in March, while its correlation with the Nasdaq‑100 has fallen to 0.22 from 0.57. Other estimates place the bitcoin‑gold correlation near 0.59, the highest level since 2020.

Potential Risks

CZ identified only one meaningful risk: the emergence of another digital asset that could surpass bitcoin before it reaches gold parity. He assessed the probability of such an event as very low.