CZ Says Bitcoin Could Overtake Gold in the Next Bull Market
CZ points to Bitcoin’s growing role as a reserve asset, while the U.S. talks about a Strategic Bitcoin Reserve. The comparison with gold and gold ETFs puts BTC’s valuation in a broader institutional context.
Key Takeaways
- CZ says Bitcoin could possibly overtake gold in total value in a future bull market.
- According to him, the value gap between Bitcoin and gold is now only about ten times.
- He sees sovereign reserves and broader adoption as possible drivers behind that shift.
Binance founder Changpeng Zhao, better known as CZ, says that Bitcoin could possibly overtake gold in total value in a future bull market. According to him, the gap between the two assets is now only about ten times. That could shrink during the next market cycle if countries keep treating Bitcoin more often as a reserve asset.
Why CZ Is Betting on Bitcoin
Zhao said this during a fireside chat at Bitcoin Asia. According to him, gold’s advantage is not just the metal itself, but mainly the mature systems around custody, valuation, and reserves that countries have used for years. Turning large sovereign reserves around usually takes years, he said, but he does think that shift will eventually happen.
He named one major risk for that scenario: another digital asset overtaking Bitcoin first. He thinks that is unlikely for now. At the same time, his comment fits into a broader debate in the U.S., where lawmakers are talking about a Strategic Bitcoin Reserve. Central banks are also still buying physical gold at a record pace.
What a Flip Would Mean
The math behind such a catch-up move is huge. Bitcoin currently has a market value of about $1.3 trillion to $1.6 trillion (€1.4 trillion), while gold sits around $31 trillion (€26.7 trillion). If Bitcoin were to match only the investable gold market, that would imply a price of about $697,000 (€599,700) per BTC, based on a circulating supply of roughly 20.08 million coins.
If you look at all above-ground gold, including jewelry and industrial use, the target rises to about $1.54 million (€1.3 million) per Bitcoin. That gap shows how wide the distance still is, even though Bitcoin has a fixed maximum supply of 21 million coins. Gold still grows by about 1% to 2% each year, while Bitcoin issuance keeps slowing down.
Relevant for European Crypto Followers
For European crypto followers, the key point is that this debate is no longer just about price predictions, but about Bitcoin’s role as a reserve asset. The discussion touches on institutional adoption, sovereign reserves, and how investors should value Bitcoin alongside gold. The comparison with gold ETFs like GLD also shows that the market is increasingly putting Bitcoin next to traditional investment products. That lines up with the recent Bitcoin-gold ratio, where the coin was already at its highest level since January versus gold.
