CZ Says Bitcoin Could Overtake Gold Next Bull Run: The Price It Needs to Hit

Binance founder Changpeng Zhao (CZ) stated that Bitcoin (BTC) could surpass gold in total market value within the next market cycle, provided nations continue to treat Bitcoin as a reserve asset.

Why CZ Believes Bitcoin Can Flip Gold

In a fireside chat at Bitcoin Asia, Zhao argued that gold’s advantage lies in its mature custody, valuation, and reserve systems rather than the metal itself. He suggested that as Bitcoin becomes a strategic reserve for countries, its importance could grow significantly.

Market Capitalisation Gap

Bitcoin’s market cap is around $1.6 trillion. CZ noted that this is roughly one‑tenth of the estimated investable gold stock of about $14 trillion, according to the World Gold Council. To match that figure, Bitcoin would need to reach approximately $697 000 per coin, based on a circulating supply of about 20.08 million BTC.

Higher Gold Valuations

If the total above‑ground gold stock, including jewelry and industrial use, valued at roughly $31 trillion, is used as the benchmark, Bitcoin’s price target would rise to about $1.54 million per coin. Mexican billionaire Ricardo Salinas Pliego cited a similar estimate of $1.86 million using a different supply assumption.

Factors Influencing the Timeline

Shifting a major economy’s reserves to Bitcoin typically takes years. CZ identified the main risk to this timeline as a rival digital asset overtaking Bitcoin, though he considered this unlikely at present. The discussion coincides with US lawmakers debating a Strategic Bitcoin Reserve proposal.

Supply Dynamics

Gold’s stockpile continues to grow by 1‑2 % annually, while Bitcoin’s issuance is decreasing toward zero, with a fixed supply cap of 21 million coins.