Bitcoin Overtakes Gold in Importance: CZ Predicts Bull Run Milestone

Binance founder Changpeng Zhao predicts that Bitcoin will surpass gold in importance, stating that it could happen as soon as the next bull run. According to Zhao, large countries have existing systems for valuing and holding gold, which would take years to shift to a new system based on Bitcoin. The market value gap between gold and BTC has narrowed to roughly tenfold, he noted.

Zhao advised governments to build a crypto reserve, recommending that they strip out stablecoins and weight the remaining top five cryptocurrencies by market capitalization, which would yield around 50% for Bitcoin, 10-20% for Ethereum, and a slice for BNB. He also discussed potential applications of AI agents in trading and token launches with top-tier AI companies.

Zhao left the audience with a price target for Bitcoin, stating that reaching $1 million 'would be a good thing' but emphasizing that more utility is needed before such a milestone is reached. He noted that Bitcoin payments on a massive scale and as a retirement pension fund reserve are essential steps towards achieving this goal.

Zhao's comments come after he left Binance's CEO role in 2023 following a guilty plea to a U.S. money laundering charge, although the exact nature of his current involvement with the exchange is unclear.