CZ Sees Bitcoin Surpassing Gold in Market Value by Next Bull Cycle

Binance co-founder Changpeng Zhao believes Bitcoin could surpass gold in market value during the next major cryptocurrency bull cycle. Speaking at Bitcoin Asia 2026 in Hong Kong on August 27, Zhao said he expects Bitcoin to become more important than gold as governments and investors increasingly adopt digital assets.

‘I think Bitcoin will, for sure, become more important than gold,’ Zhao said. He acknowledged that the transition will take time because countries have spent decades building infrastructure around gold, but argued that Bitcoin’s advantages could eventually allow it to challenge gold's monetary role.

The current market value of gold is roughly 10 times that of Bitcoin. However, for Bitcoin to overtake gold, its price would need to increase substantially. Zhao has separately predicted Bitcoin could eventually reach $1 million in value, although he did not attach this target to the next bull cycle or provide a specific date.

Zhao also expects governments to gradually add cryptocurrencies to strategic reserves as regulatory and custody infrastructure improves. He suggested that countries constructing crypto reserves would allocate more than half to Bitcoin, with approximately 10% to 20% potentially going to Ethereum and smaller allocations to other major assets.