CZ: Bitcoin may surpass gold in the next bull market, with the current market value gap of about 10 times

Binance founder Changpeng Zhao (CZ) stated at Bitcoin Asia that Bitcoin may surpass gold in the next bull market, with the current market cap gap between the two being about 10 times. Ricardo Salinas Pliego estimated that if Bitcoin reaches the total market cap of gold, its price could be around $1.86 million. He pointed out that if Bitcoin becomes a strategic reserve asset for various countries, its importance may exceed that of gold; however, central banks and governments have established systems for valuing, storing, and managing gold, and transitioning to Bitcoin will take time.

Glassnode data shows that the 90-day correlation between Bitcoin and gold has risen from 0.21 in March to about 0.57, while the correlation with the Nasdaq 100 index has dropped from 0.57 to 0.22; other estimates indicate that its correlation with gold is about 0.59, the highest level since 2020.