At Bitcoin MENA 2024, Binance CEO Changpeng Zhao said Bitcoin could surpass gold’s market capitalization. Speaking in an interview during the event, Zhao said gold’s supply is hard to determine, while Bitcoin’s fixed code, transferability, and transactional capability offer key advantages.
He suggested Bitcoin’s valuation could exceed gold’s estimated $16 trillion market cap, which would mean about $850,000 per coin based on 19.7 million BTC in circulation. CryptoSlate analysis shows gold’s market cap is closer to a $17 trillion valuation, which would require Bitcoin to surpass $876,000 to close the gap. Currently, Bitcoin’s market cap sits at just under $2 trillion.
Zhao noted that relying on old benchmarks to value new assets underestimates potential. Bitcoin’s current price, near $97,000, follows recent volatility and record highs. Market factors, including institutional participation, regulatory shifts, and technological developments, may influence any approach toward such a milestone.
Debates persist around Bitcoin’s role as a form of digital money, a store of value, or a medium for transactions. However, it is difficult to argue with Zhao’s assessment of its comparisons to gold.
Liam ‘Akiba’ Wright
Also known as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.