CZ Predicts Bitcoin Could Surpass Gold in Next Bull Market
Binance co-founder Changpeng Zhao (CZ) said at Bitcoin Asia 2026 in Hong Kong that Bitcoin could surpass gold’s market capitalisation during the next crypto bull market. Bitcoin’s market value is currently estimated at roughly one-tenth of gold’s, so reaching parity would require a major shift in global reserve-asset preferences. Ricardo Salinas Pliego estimated that Bitcoin could reach about $1.86 million per coin if its market capitalisation matched gold’s.
CZ said sovereign wealth funds, governments and central banks could gradually increase Bitcoin allocations, potentially making Bitcoin a strategic reserve asset. However, gold benefits from established systems for valuation, storage and management, so any transition would likely be gradual. He expects Bitcoin to represent more than 50% of crypto portfolios over time, with Ethereum and BNB accounting for much of the remainder.
Market data indicates that Bitcoin’s relationship with gold is strengthening. Glassnode put the 90-day Bitcoin-gold correlation at about 0.57, up from 0.21 in March, while Bitcoin’s correlation with the Nasdaq 100 fell from 0.57 to 0.22. Other estimates placed the Bitcoin-gold correlation near 0.59, its highest level since 2020. CZ also said AI and crypto are likely to develop first through stablecoins and AI-assisted trading, which may advance faster than AI-driven payments. Bitcoin was trading near $79,681 at the time of the earlier report, while gold exceeded $4,600. The comments support a long-term Bitcoin bull case but are not an immediate price catalyst.
Bullish
The news is structurally bullish for Bitcoin because it highlights potential sovereign and institutional adoption, a possible strategic-reserve role and a long-term path toward gold-like monetary status. The rising Bitcoin-gold correlation may also reinforce its narrative as a macro hedge, while the falling Nasdaq 100 correlation suggests somewhat less dependence on technology equities.
The immediate trading impact is likely limited. CZ’s forecast concerns the next bull market and depends on gradual policy and allocation changes. No government adoption or concrete institutional purchase was announced. Traders may therefore treat the comments as a long-term sentiment boost rather than a standalone catalyst. Short-term price action will remain more sensitive to liquidity, interest rates, ETF flows, regulatory developments and broader risk appetite. Historical reactions to similar predictions are often brief unless followed by measurable capital inflows or policy announcements. The overall classification is bullish, with limited near-term impact and stronger potential over a longer horizon.