CZ Predicts Bitcoin Could Surpass Gold in Next Bull Run, Cites Price Target

Binance founder Changpeng Zhao, better known as CZ, has stated that bitcoin (BTC) may soon surpass gold in total market value. He described the current difference as roughly ten times.

According to Zhao, that gap might shrink during the next market cycle if countries continue to adopt bitcoin as a reserve asset.

Why CZ Expects Bitcoin to Overtake Gold

During a fireside chat at Bitcoin Asia, Zhao argued that gold's strength does not come from the metal itself. Rather, it comes from the mature custody, valuation and reserve systems that nations have already developed around it.

CZ: Bitcoin May Flip Gold in the Next Bull Run

In a Bitcoin Asia fireside chat published by Bitcoin Magazine on Aug. 28, 2026, Binance founder CZ @cz_binance said that if Bitcoin gradually becomes a strategic reserve asset for countries, its ultimate importance will likely… pic.twitter.com/NrHaL3ovJR

— Wu Blockchain (@WuBlockchain) September 7, 2026

He noted that shifting the reserves of a major economy typically requires years. Nevertheless, Zhao believes the transition will eventually occur.

The biggest threat to that timeline is a competing digital asset surpassing bitcoin first. For now, Zhao described that possibility as improbable.

The comments come as US lawmakers debate a Strategic Bitcoin Reserve, a plan to hold BTC as a reserve asset. Meanwhile, central banks are adding physical gold at a record pace.

The Numbers Behind a Gold Flip

Bitcoin's market capitalisation currently stands at about $1.6 trillion. A tenfold difference implies gold is worth roughly $16 trillion.

That amount is near the $14 trillion investable-gold estimate from the World Gold Council, the industry's research body. Investable gold includes bars, coins, ETFs, central bank reserves and over-the-counter holdings.

To match that valuation, bitcoin would need to reach about $697,000 per coin, based on a circulating supply of approximately 20.08 million BTC.

But Gold's Total Stock Is Larger

Gold's full above-ground stock, including jewellery and industrial uses, is worth about $31 trillion, according to the World Gold Council. Matching that larger figure would push the target to roughly $1.54 million, nearly three times as much.

Mexican billionaire Ricardo Salinas Pliego arrived at a similar gold-parity estimate this week. He settled on about $1.86 million using a different supply assumption.

Bitcoin's fixed 21 million supply cap supports the comparison. Gold's supply still expands by 1% to 2% annually. Bitcoin's issuance, in contrast, continues to decline toward zero.

Whichever target proves accurate, both assume sovereign entities keep choosing bitcoin over gold. That condition holds only if a rival digital asset does not close the gap first.