Binance co-founder Changpeng Zhao said the Bitcoin vs gold market-value gap could close during the next cycle. Speaking at Bitcoin Asia in Hong Kong, Zhao linked that outcome to sovereign reserve adoption, broader payments use, and demand from pension funds.
CZ estimated the difference between Bitcoin vs gold to be about ten times. The World Gold Council’s calculation of the financial gold is close to that number rather than the total above-ground amount of gold. He admitted that it could take years for economies to adjust their reserves.
Nevertheless, Zhao sees Bitcoin becoming an important part of government reserves in the future. In addition, he thinks that Bitcoin might attain the value of one million dollars well before 25 years, but he didn’t specify how long it would take him.
According to Zhao, one reason why gold leads is the well-developed infrastructure associated with it. Governments have existing systems for custody, valuation, and reserve accounting. A similar system for Bitcoin has not developed yet.
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Moreover, Zhao compared the two assets in terms of their supplies. The maximum supply of Bitcoin will be 21 million units according to the protocol. According to the World Gold Council, gold above-ground stock increases annually by 1.8% due to mining operations.
Another potential challenge mentioned by Zhao was the rise of a competing digital currency before Bitcoin reaches parity with gold. Nonetheless, according to him, it is not likely to happen at this moment.
What Would Bitcoin Parity Mean for Price?
Bitcoin had a market value of roughly $1.6 trillion at the time of Zhao’s comments. According to the World Gold Council, physical financial gold has a value of around $14 trillion. This encompasses bars, coins, exchange-traded funds, central banks’ reserves, and over-the-counter inventories.
With about 20.08 million BTC in circulation, matching physical investment gold’s estimated $13 trillion value would imply a price near $647,000 per Bitcoin. This calculation divides Bitcoin vs gold circulating supply and does not represent a price forecast.
When all gold above ground is considered, the equation between Bitcoin and gold changes. The World Gold Council valued this larger stock at around $31 trillion, which includes jewelry and industrial uses. Equating this value means that Bitcoin would have a value of $1.54 million per coin.
Billionaire Mexican entrepreneur Ricardo Salinas Pliego estimated parity at $1.86 million in a separate post without providing information regarding either the gold value or the Bitcoin’s supply used in the calculation.
How Could Reserves Shift Bitcoin vs Gold?
The US has already launched a Strategic Bitcoin Reserve. The executive order of March 2025 instructed the government to keep the confiscated BTC as a reserve. Moreover, the authorities have been allowed to seek budget-neutral methods of getting additional BTCs.
In addition, the proposed legislative initiative calls for a purchase program. However, this debate demonstrates the increasing interest in the policy area, which still does not mean the replacement of gold by Bitcoin in the government’s reserves.
Gold is still widely used as an official reserve. The World Gold Council survey of 2026 reported that 93% of the central banks that participated in the survey owned the precious metal. An unprecedented 45% of them plan to increase their gold stocks during the next 12 months.
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