Binance founder Changpeng Zhao, better known across the crypto world as CZ, told a packed room in Hong Kong this week that he expects Bitcoin to surpass gold in overall market importance during the next major bull run. Speaking at the Bitcoin Asia 2026 conference during a session titled “The Bitcoin Century,” Zhao argued that the gap between the two assets has already narrowed enough to make the shift plausible within the coming cycle, even if gold’s institutional head start remains substantial.
Summary
Key takeaways
- CZ predicts Bitcoin will surpass gold in importance during the next major bull run, speaking at Bitcoin Asia 2026 in Hong Kong.
- Gold’s market cap sits around $32.4 trillion, roughly ten times Bitcoin’s $1.6 trillion.
- CZ recommends governments hold crypto reserves with about 50% Bitcoin and 10-20% Ethereum, with the rest split among other large cryptocurrencies.
- He expects AI agents to begin transacting with stablecoins before moving into Bitcoin, and says AI could make trading up to ten times more efficient.
- Bitcoin traded around $79,700 on Thursday after gaining more than 25% over the previous week.
CZ Predicts Bitcoin Will Surpass Gold in Next Bull Run
CZ’s core message was straightforward: he believes it’s no longer a question of whether Bitcoin could surpass gold, but when. “I think Bitcoin will, for sure, become more important than gold,” Zhao told the audience, adding that the transition could happen “pretty soon” and potentially within the next bull cycle.
Market Capitalization Gap Between Bitcoin and Gold
The numbers still favor gold by a wide margin, but the gap has been closing. Gold currently holds a market capitalization of roughly $32.4 trillion, according to Zhao, compared with Bitcoin’s approximately $1.6 trillion — meaning gold’s total value is still about ten times larger. That ratio, once considered almost unbridgeable, is now the benchmark Zhao uses to frame how far Bitcoin has come as a reserve-grade asset.
The comparison lands at a notable moment for both markets. Bitcoin gained more than 25% last week and was trading around $79,700 on Thursday, up 1.5% over the prior 24 hours, according to The Block. Gold also climbed during the same stretch, pushing above $4,600. Both assets rallying together, rather than moving in opposite directions, is part of what fuels the argument that investors are increasingly treating Bitcoin as a parallel store of value rather than a purely speculative trade.
Challenges in Shifting From Gold to Bitcoin Reserves
Zhao was careful not to oversell the timeline. He pointed out that the real obstacle isn’t Bitcoin’s technology or liquidity, but the deeply entrenched infrastructure built around gold over decades. “Major countries have built complete valuation, reserve, and trading systems around gold, so a shift to bitcoin will not happen overnight,” Zhao said, according to The Block. Even so, he maintained that sovereign allocations will eventually tilt toward digital assets — just not on a fast timetable.
This is one of the moments where the story matters beyond price charts: if central banks and sovereign funds genuinely begin rebalancing reserves toward crypto, even gradually, the effect on both Bitcoin’s valuation and its perceived legitimacy as a macro asset would be far larger than any single rally.
CZ’s Recommendations for Government Crypto Reserves
Zhao said he frequently advises governments on how to structure crypto reserves if they choose to build them, and his suggested framework leans heavily on Bitcoin. His proposed breakdown puts Bitcoin at around 50% of a sovereign crypto reserve, Ethereum at 10% to 20%, and the remainder spread across other large cryptocurrencies, including BNB, the token tied to the exchange he founded.
Zhao openly acknowledged the conflict of interest baked into that recommendation, describing the inclusion of BNB as “a little bit self-serving” since it’s the native asset of Binance. It’s a rare moment of transparency from an industry figure whose advice to policymakers carries obvious commercial weight — and it’s worth noting for anyone weighing how much of this framework reflects neutral portfolio theory versus institutional self-interest.
The Role of Artificial Intelligence in Crypto Adoption
Beyond the gold comparison, Zhao spent a significant part of his remarks on how artificial intelligence could reshape crypto adoption going forward, starting with payments infrastructure and extending into trading behavior.
AI Agents Using Crypto Payments Starting With Stablecoins
Zhao expects AI agents — automated systems capable of making decisions and transactions on their own — to begin using crypto for payments, with stablecoins acting as the entry point. “I think it will probably start with stablecoins,” Zhao said, according to The Block. “Once you can accept stablecoins, adding bitcoin will be very easy.” The logic is that stablecoins offer price stability that makes them a natural first step for machine-driven transactions, with Bitcoin following once that infrastructure is established.
AI-Driven Trading Efficiency Gains
According to Zhao, AI-assisted trading is likely to develop ahead of AI-driven consumer payments, largely because trading rewards speed and pattern recognition in ways ordinary purchases don’t. “You need to gather massive amounts of information very quickly, react rapidly to news, and analyze charts,” he said. “No matter how you trade, AI can likely increase efficiency tenfold.” That estimate — up to ten times more efficient — reflects AI’s ability to process information and react to breaking news faster than any human trader could.
Concept of a Data Center Token for AI Computing Power
Zhao also touched on the steep cost of building AI infrastructure, noting that one gigawatt of computing capacity can run between $30 billion and $50 billion, with some companies potentially seeking hundreds of gigawatts within a few years. Against that backdrop, he floated the idea of a “data center token” — a hypothetical asset that could give holders access to computing power or AI models, effectively tying crypto ownership directly to AI resource access. It’s a concept still in the idea stage rather than an active project, but it signals how closely CZ sees the two technologies converging.
Bitcoin’s Future Price and Real-World Use Cases
On price, Zhao didn’t shy away from a bold number: he suggested Bitcoin could reach $1 million sooner than most people expect. But he was quick to reframe what actually matters. Price alone, he argued, isn’t the real milestone — what he wants to see is Bitcoin used in large-scale payments and held inside pension and retirement funds, the kind of everyday financial plumbing that would signal genuine mainstream adoption rather than speculative momentum.
That distinction matters for how the “Bitcoin could surpass gold” narrative should be read. A price target grabs headlines, but Zhao’s emphasis on institutional-scale usage — retirement accounts, payment rails, sovereign reserves — points to a slower, more structural kind of adoption that would matter far more for Bitcoin’s long-term standing against an asset as entrenched as gold.
FAQ
When does CZ predict Bitcoin might surpass gold in importance?
CZ predicts Bitcoin could surpass gold during the next major bull run, though he stressed that a full shift away from gold-based reserve systems will take time rather than happen overnight.
What crypto reserve allocation does CZ recommend for governments?
CZ advises governments considering crypto reserves to hold around 50% Bitcoin, 10% to 20% Ethereum, and the rest in other large cryptocurrencies, including BNB.
How does CZ see artificial intelligence impacting cryptocurrency usage?
CZ expects AI agents to start using crypto payments with stablecoins first, then move toward Bitcoin, and he believes AI could make trading up to ten times more efficient.
What is CZ’s view on Bitcoin’s price and usage?
CZ suggests Bitcoin’s price could reach $1 million sooner than expected, but he emphasizes that real-world use — such as large-scale payments and adoption by pension funds — matters more than the price target itself.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
