Bitcoin's $30 Trillion Hurdle to Overtake Gold
Changpeng 'CZ' Zhao's prediction that Bitcoin could surpass gold in value has been put to the test by India's recent market trends. According to data from MCX, India's gold prices jumped 13.51% in August, with a gain of ₹19,212 per 10 grams. This compares unfavorably to CZ's estimate that gold's value is roughly 10 times that of Bitcoin.
The current valuation gap between the two assets stands at around $30 trillion, with gold valued at approximately $32.396 trillion and Bitcoin at about $1.589 trillion. CompaniesMarketCap data highlights this significant disparity, indicating a gap closer to 20 times.
India's strong demand for gold has been driven by higher prices, which have not displaced the metal from financial portfolios. Indian gold ETFs drew an estimated ₹11.79 billion in two weeks, following ₹15.6 billion in inflows during July. However, physical demand showed a different pattern, with local discounts widening due to elevated prices weakening jewelry-related buying.