Binance founder Changpeng Zhao (CZ) stated that Bitcoin could surpass gold in total value as early as the next bull cycle, if countries continue to use the cryptocurrency as a reserve asset. According to CZ, the current gap between Bitcoin's market capitalization and that of gold is approximately tenfold. He spoke about this at the Bitcoin Asia conference, the broadcast of which was published by Bitcoin Magazine on August 28, 2026, as reported by BeInCrypto. Bitcoin's current market capitalization stands at around $1.6 trillion, while investment gold, according to the World Gold Council, is valued at $14 trillion. This gap means Bitcoin would need to increase in value roughly tenfold to reach parity with investment gold.
Based on calculations using the current supply of 20.08 million BTC, Bitcoin would need to reach $697,000 per coin to match investment gold. However, if the total above-ground gold stock is taken into account — including jewelry and industrial use, valued at $31 trillion — the target rises to $1.54 million per BTC. A similar calculation was made by Mexican billionaire Ricardo Salinas Pliego, using different assumptions about cryptocurrency supply and arriving at a price close to $1.86 million. CZ emphasized that gold's advantage over Bitcoin lies not in the metal itself, but in the mature systems of storage, valuation, and state reserves that countries have already established. The key distinction of cryptocurrency is its fixed supply of 21 million coins, versus an annual growth of the gold supply of 1–2 percent. The main risk to CZ's scenario is the possibility that another digital asset overtakes Bitcoin first — though CZ considers such a scenario unlikely at this stage.
CZ's forecast comes amid active debates in the United States surrounding the proposal for a Strategic Bitcoin Reserve, as well as both gold and Bitcoin showing strong correlation that has reached a six-year high. According to analysts at Kobeissi Letter and Grayscale researcher Zach Pandl, the correlation between Bitcoin and gold has risen from near zero at the start of the year to 50 percent and above, reflecting growing perception of both assets as a hedge against currency devaluation. At the same time, Bitcoin's correlation with the Nasdaq 100 index has dropped from over 60 percent to 30–33 percent, indicating a shift in how investors perceive the cryptocurrency. Bitcoin held around $80,000 and gained approximately 25 percent over the past month, despite a series of negative factors, including escalating tensions between the US and Iran, rising oil prices, and aggressive signals from the Federal Reserve. In a single day in late August, Bitcoin ETFs recorded inflows of more than $730 million — the highest since January.
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This material is prepared exclusively for informational purposes and does not constitute financial advice or a recommendation.