Changpeng Zhao, the founder of Binance, said at Bitcoin Asia that Bitcoin could overtake gold during the next bull market. ChainCatcher reported that the market-value gap between the two assets is currently about 10 times. Ricardo Salinas Pliego estimated that Bitcoin could reach roughly $1.86 million if its market capitalization matched the total market value of gold. He also said Bitcoin could become more important than gold if countries adopted it as a strategic reserve asset. Salinas Pliego noted that central banks and governments already have systems for valuing, storing and managing gold, so a shift to Bitcoin would take time. Glassnode data showed that Bitcoin’s 90-day correlation with gold rose from 0.21 in March to about 0.57. Over the same period, its correlation with the Nasdaq 100 fell from 0.57 to 0.22. Other estimates put Bitcoin’s correlation with gold at about 0.59, the highest level since 2020.
Changpeng Zhao, the founder of Binance, said at Bitcoin Asia that Bitcoin could overtake gold in the next bull market. ChainCatcher reported that the two assets currently have a market-cap gap of about 10 times.
Ricardo Salinas Pliego estimated that Bitcoin could reach roughly $1.86 million if its market capitalization matched the total market value of gold. He said Bitcoin could become more important than gold if it were adopted as a strategic reserve asset by countries. Central banks and governments already have systems for valuing, storing and managing gold, he added, so moving to Bitcoin would take time.
Glassnode data showed that Bitcoin’s 90-day correlation with gold rose from 0.21 in March to about 0.57. Its correlation with the Nasdaq 100 fell from 0.57 to 0.22. Other estimates placed Bitcoin’s correlation with gold at about 0.59, the highest level since 2020.
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