Binance founder Changpeng Zhao said Bitcoin could eventually match gold's total value, citing a current gap of approximately tenfold between the two assets. Speaking at a Bitcoin Asia fireside chat, Zhao suggested the gap could close within the next market cycle if nations continue adopting Bitcoin as a reserve asset.
Why the Comparison Matters
Zhao argued that gold's advantage stems not from the metal itself but from the mature custody, valuation, and reserve systems that nations have built around it over time. He noted that shifting a major economy's reserves typically takes years, though he expects the transition to eventually occur.
The timing of these remarks coincides with ongoing US legislative discussions about a Strategic Bitcoin Reserve, a proposal to hold BTC as a reserve asset. Meanwhile, central banks continue adding physical gold at record pace.
Calculating the Price Target
Bitcoin's market capitalization currently sits near $1.6 trillion. The World Gold Council estimates investable gold—including bars, coins, ETFs, central bank reserves, and OTC holdings—at roughly $14 trillion. Matching this figure would place Bitcoin near $697,000 per coin, based on a circulating supply of approximately 20.08 million BTC.
However, gold's full above-ground stock, including jewelry and industrial use, is valued at roughly $31 trillion by the World Gold Council. Matching that larger figure would push Bitcoin toward approximately $1.54 million per coin. Mexican billionaire Ricardo Salinas Pliego recently reached a similar gold-parity estimate near $1.86 million using different supply assumptions.
Structural Differences
Bitcoin's fixed 21 million supply cap offers a structural advantage in such comparisons. Gold's stockpile continues growing 1% to 2% annually, while Bitcoin's issuance steadily shrinks toward zero.
Both scenarios assume sovereign wallets continue choosing Bitcoin over gold, contingent on rival digital assets not gaining ground first.
