Zhao Sees Bitcoin Surpassing Gold in Value

Changpeng Zhao, the former CEO of Binance, believes that Bitcoin will surpass gold in importance and value. Speaking at the Hong Kong Convention and Exhibition Center, he stated that 'I think for Bitcoin to hit $1,000,000 would be a good thing. And it'll happen.' He also claimed that this milestone will be reached 'much quicker' than the 25-year estimate.

Zhao compared gold's market capitalization to Bitcoin's, stating that gold is around ten times more valuable. However, he predicted that sovereign reserve allocations will eventually shift towards digital assets, with Bitcoin making up over 50% of strategic crypto holdings alongside Ethereum and BNB.

The comments come as the cryptocurrency market continues to experience a slump, with capital and talent moving towards artificial intelligence. Despite this, CryptoQuant reported that Bitcoin's Bull Score index has climbed to 80 from 30, indicating a potential new bull-market phase.