Binance co-founder Changpeng Zhao has expressed confidence that Bitcoin’s market value could rival gold’s in the next major bull cycle, citing growing adoption among sovereign entities and institutional investors. Speaking at Bitcoin Asia in Hong Kong, Zhao outlined the factors he believes could help close the gap, currently estimated at about tenfold between Bitcoin and gold.
Path to narrowing the market gap
Zhao attributed gold’s advantage to its infrastructure maturity, emphasizing that governments have long-established systems for managing gold reserves, custody, and valuation. According to him, Bitcoin still lacks this level of operational support, but he believes the gap can be bridged as sovereigns and large investors show greater interest.
He explained, “The difference between Bitcoin and gold is about ten times based on financial gold values instead of total above-ground gold.” Official calculations from the World Gold Council put the financial market value of gold around $14 trillion, compared to Bitcoin’s $1.6 trillion at the time of discussion.
With around 20.08 million BTC in circulation, equaling physical investment gold’s approximate $13 trillion would require a Bitcoin price near $647,000, though this is a mathematical estimate and not a prediction.
The World Gold Council also values all above-ground gold, including jewelry and industrial uses, at $31 trillion. Achieving parity with this measurement would put Bitcoin at $1.54 million per coin.
Bitcoin’s price outlook and government adoption
Zhao stated that Bitcoin could reach $1 million—an important psychological threshold—within a shorter timeframe than many expect. He acknowledged, however, that structural changes in global reserves could take years, as economies might need significant time to adjust accounting and infrastructure.
He noted one obstacle may be the emergence of a new digital currency that could compete with Bitcoin’s role in government reserves, but he does not see this as an imminent threat.
Billionaire investor Ricardo Salinas Pliego weighed in with his own parity calculation, estimating Bitcoin would need to hit $1.86 million to match gold, though he did not specify his methodology.
In the United States, authorities have taken steps toward formalizing Bitcoin as part of national reserves. After the executive order issued in March 2025, the government began holding confiscated BTC, and new legislative initiatives are under consideration for potential purchases. While officials are exploring ways to expand these holdings, no official policy replaces gold with Bitcoin at this stage.
Gold remains dominant in sovereign reserves
Despite increasing attention on digital assets, gold continues to occupy a central role in global monetary reserves. According to a World Gold Council survey conducted in 2026, 93% of central banks worldwide reported holding gold. Nearly half of those surveyed signaled plans to expand their reserves in the coming year, highlighting gold’s enduring appeal as a store of value.
Governments still rely on gold for official reserves, and there is no clear sign that Bitcoin will replace it in the near term, despite notable advances in digital asset adoption.
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