Mexican billionaire Ricardo Salinas Pliego has renewed his argument that Bitcoin could eventually reach $1.86 million per coin, basing his projection on the asset's potential to achieve price parity with gold's total market capitalization.
In a post on X, the Grupo Salinas founder argued that Bitcoin would need to reach that price level to match gold's valuation. He also noted that Bitcoin's adoption curve remains in early stages.
Gold as the Benchmark
Salinas has consistently used gold's market value as a comparison point for Bitcoin's long-term potential. In October 2025, following gold's achievement of a $30 trillion market capitalization milestone, he predicted Bitcoin would need to rise approximately 14 times to around $1.516 million just to match gold's valuation.
He has framed Bitcoin as superior digital gold, citing its portability, resistance to manipulation, and freedom from physical storage and verification challenges associated with the metal.
Portfolio and Asset Preference
Salinas holds the majority of his liquid portfolio in Bitcoin-related assets, allocating 70% to 80% to cryptocurrency while splitting the remainder between gold and mining stocks. He views both asset classes as hedges against fiat currency debasement, though he explicitly favors Bitcoin's scarcity and digital properties.
Broader Market Context
Bitcoin's correlation with gold recently reached a six-year high, according to Bitwise research, as investors seek protection from currency debasement and fiscal stimulus. This pattern echoes responses to 2020-era pandemic policy responses.
Analysts attribute the move to fiscal concerns rather than yield curves or rate expectations, noting that every major advanced economy except Switzerland now carries a debt-to-GDP ratio above 100%.
Similar Arguments From Other Commentators
Salinas is not alone in drawing this comparison. Michael Saylor has repeatedly characterized Bitcoin as digital capital, arguing it is superior to traditional gold in terms of transparency and performance metrics. Analyst Willy Woo has similarly projected multi-million-dollar Bitcoin prices if the asset captures a meaningful share of gold's monetary role or broader global wealth storage.
As of September 4, Bitcoin traded near $79,450 with a market capitalization of approximately $1.56 trillion, still a small fraction of gold's multi-trillion-dollar valuation.
