Is Bitcoin Ready to Dethrone Gold? CZ Bets on the Next Bull Run

Bitcoin could surpass gold in market value as early as the next bull run. Changpeng « CZ » Zhao, co-founder of Binance, advocated for this scenario on Thursday at Bitcoin Asia 2026, as BTC has just gained more than 25% in a week.

Yet the gap remains immense: according to CZ, gold’s market cap is still about ten times that of Bitcoin. His bet relies less on a simple price explosion than on a much deeper shift: the gradual entry of BTC into state reserves.

Bitcoin Remains Ten Times Smaller Than Gold

CZ’s scenario aligns with an ongoing debate in the United States, where some lawmakers have proposed using a portion of gold reserve values to back Bitcoin.

In Hong Kong, Zhao estimated that Bitcoin could surpass gold’s market capitalization during the next bull cycle. The Block reported his statements at Bitcoin Asia 2026: for him, however, this transition will not happen overnight.

Governments have had comprehensive systems to value, store, and trade gold for decades. Replacing part of this infrastructure with Bitcoin requires regulatory, accounting, and political changes.

The ten-to-one ratio also highlights the scale of the bet. Assuming gold’s valuation remains constant, Bitcoin would theoretically need to multiply its current market cap several times over to catch up with it.

Governments Could Shift the Balance of Power

CZ is looking primarily at sovereign reserves. He believes that, over time, governments could allocate a growing portion of their strategic reserves to digital assets, with Bitcoin representing more than 50% of a diversified crypto portfolio.

This scenario is no longer purely theoretical. The United States already holds a strategic reserve composed of seized bitcoins, even though the Treasury currently refuses to directly use public funds to buy BTC.

This thesis also echoes the one championed by BlackRock, which sees US debt as a potential catalyst for the next Bitcoin rally. The more concerns about fiat currencies grow, the more interest can shift toward a scarce asset independent of central banks.

CZ nevertheless acknowledges that gold retains a considerable advantage: centuries of institutional trust. Bitcoin is only 17 years old.

The Next Bull Run Will Have to Be Extraordinary

The timing of the statement is notable. Bitcoin had just gained more than 25% in a week, trading around $79,700 on Thursday. Gold, meanwhile, had just crossed $4,600.

For its part, CryptoQuant estimates that Bitcoin has already entered the early stages of a new bull market, though BTC still needs to hold firmly above the $83,000 level to confirm this outlook.

More aggressive forecasts go much further. Arthur Hayes, for instance, envisions Bitcoin at $1 million in a major currency crisis scenario.

Overtaking gold would require precisely a shift of this magnitude: more ETFs, corporate treasuries, and especially sovereign reserves.

CZ is therefore not saying that Bitcoin is already ready to replace gold. He is betting that the next bull run could narrow the gap enough to permanently change the hierarchy of reserve assets.

In Brief

• CZ believes that Bitcoin could surpass gold during the next bull market.
• Gold is still estimated to be about 10 times larger than Bitcoin in market capitalization.
• CZ sees sovereign reserves as a major driver of this transition.
• Bitcoin had recently surged by more than 25% over a week.
• Governments still have far more mature infrastructures established around gold.