CZ: Bitcoin Could Surpass Gold in Next Bull Run, Current Market Cap Gap About 10x

Binance founder Changpeng Zhao (CZ) said at Bitcoin Asia that Bitcoin could surpass gold in the next bull market, with the current market cap gap between the two standing at about 10 times. Ricardo Salinas Pliego estimated that if Bitcoin were to reach gold's total market cap, its price could be around $1.86 million. He noted that if Bitcoin becomes a strategic reserve asset for countries, its importance could exceed that of gold; however, central banks and governments have already established systems for valuing, storing, and managing gold, and shifting to Bitcoin would take time. Glassnode data shows that Bitcoin's 90-day correlation with gold has risen from 0.21 in March to about 0.57, while its correlation with the Nasdaq 100 index has fallen from 0.57 to 0.22; other estimates indicate its correlation with gold is around 0.59, the highest level since 2020.