Author of the book 'Bitcoin Standard': Bitcoin will become less volatile and surpass gold

Saifedean Ammous, author of the 2018 academic book "The Bitcoin Standard," stated that Bitcoin already serves the functions of money when held as a store of value, and the impact of volatility on this is likely to decrease. According to him, Bitcoin (BTC) can become a medium of exchange, becoming less volatile than gold and surpassing the market capitalization of the most expensive precious metal.

Ammous added: "Holding Bitcoin means using Bitcoin as money, and its lack of widespread use as a payment method is not an argument against its monetization."

These comments were in response to Professor Lawrence H. White's statement from his book "Better Money: Gold, Fiat, or Bitcoin?", which argued that Bitcoin's fixed supply makes it too volatile for use as a medium of exchange. White wrote: "With no supply response to demand fluctuations, the price of BTC is too volatile for people who need a reliable medium of exchange," adding that it is this lack of supply response that has led stablecoins to "take transaction volumes away from BTC."

Other industry observers also predict that Bitcoin will eventually surpass gold. In May 2025, Bitwise's Head of European Research, Andre Dragosch, told Cointelegraph that their internal forecast suggests a Bitcoin price of $1 million by 2029, which would align its market capitalization with that of gold. However, Bitcoin's current market cap of $1.6 trillion would need to increase at least 18 times to exceed gold's nearly $29 trillion capitalization and become the leading global asset. In April 2025, Blockstream CEO Adam Back predicted that Bitcoin would begin to compete with gold as a hedge against inflation due to global financial instability and rising inflation of fiat currencies.