Binance’s CZ: Bitcoin Could Surpass Gold, Target $697K

Binance founder Changpeng Zhao told a fireside chat at the Bitcoin Asia conference that Bitcoin could overtake gold in the next bull run if nations adopt it as a reserve asset. He estimated a roughly tenfold market-cap increase would place Bitcoin near $697,000 per coin.

Zhao based the figure on a current Bitcoin market capitalization of about $1.6 trillion. A tenfold rise would lift market value to roughly $16 trillion. With a circulating supply near 20.08 million coins, that equates to about $697,000 per bitcoin.

Industry estimates put investable gold — bars, coins, exchange-traded products and central-bank reserves — at about $14 trillion, close to the $16 trillion target. Broader measures that include jewelry and industrial holdings value all above-ground gold near $31 trillion, which would translate to roughly $1.5 million per bitcoin under the same calculation.

He argued gold’s advantage comes from established custody, valuation and reserve systems rather than the metal itself. “Gold’s current edge is not the metal itself but the established custody, valuation and reserve systems built around it,” he said, and added that moving a major economy’s reserves typically takes years.

Zhao warned the main risk to the scenario would be a rival digital asset capturing sovereign trust before Bitcoin. He also noted that timing remains uncertain because changing national reserve portfolios is a deliberate process.

Lawmakers in the United States have discussed a proposal for a Strategic Bitcoin Reserve. At the same time, central banks continue to buy physical gold, reflecting institutional interest in both assets but not widespread reserve conversion.

Bitcoin has a fixed 21 million supply cap and new issuance declines over time. Above-ground gold increases by about 1% to 2% a year. Those supply differences are often cited in parity comparisons between the two assets.