TheBlock
Binance co-founder Changpeng 'CZ' Zhao told attendees at the Bitcoin Asia 2026 conference in Hong Kong on Thursday that bitcoin could overtake gold in market capitalization during the next bull cycle, framing it as a structural shift in how investors view reserve assets. Zhao noted gold's market cap still sits roughly 10 times larger than bitcoin's, but argued the gap will narrow as sovereign allocations tilt toward digital assets, with bitcoin representing over 50% of strategic crypto holdings alongside Ethereum and BNB. The comments landed alongside a sharp BTC rally, with the token gaining more than 25% last week and trading around $79,700 on Thursday, up 1.5% over 24 hours.
Why it matters
This is one of the most concrete reserve-rotation calls from a figure of Zhao's standing, and it lands while gold itself is making fresh highs above $4,600. Zhao's framing is structural rather than price-driven: a transition from a gold-only reserve mental model to a multi-asset digital reserve basket, with bitcoin as the anchor and Ethereum and BNB as secondary tiers. His own qualifier matters too. He acknowledged that major countries have built complete valuation, reserve, and trading systems around gold over generations, so a shift to bitcoin 'will not happen overnight.' The argument is that the eventual direction of travel is set even if the timeline is long.
Market impact
Zhao's read lines up with the tape. Bitcoin's 25% weekly rally has tracked gold's advance above $4,600, suggesting the rotation is already underway at the margin even before any sovereign allocation shows up on a balance sheet. His AI-crypto sub-thesis is worth flagging separately. Zhao expects convergence to begin with stablecoins, arguing that once AI agents and merchants can accept stablecoins, adding bitcoin is a small step. He expects AI-assisted trading to develop before AI-driven payments because trading rewards rapid analysis and execution, while consumers can already complete most payments with conventional cards.
Frequently asked questions
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What did CZ say about bitcoin overtaking gold?
At the Bitcoin Asia 2026 conference in Hong Kong, Zhao said bitcoin could overtake gold in market value during the next bull cycle, framing the call as a structural shift in how investors view reserve assets rather than a pure price bet.
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How much larger is gold's market cap than bitcoin's?
Zhao said gold's market capitalization is still roughly 10 times larger than bitcoin's, while bitcoin traded around $79,700 on Thursday after gaining more than 25% in the prior week.
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What share of strategic crypto holdings did Zhao expect bitcoin to take?
Zhao said sovereign reserve allocations will eventually tilt toward digital assets, with bitcoin representing over 50% of strategic crypto holdings alongside Ethereum and BNB.
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What did Zhao say about AI and crypto convergence?
Zhao said integration will likely begin with stablecoins, arguing that once AI agents and merchants can accept stablecoins, adding bitcoin becomes a small step. He expects AI-assisted trading to develop before AI-driven payments.
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Why did Zhao say AI matters more for trading than payments?
He argued trading requires rapid analysis and execution across massive amounts of information, making AI's efficiency gains more impactful, while consumers can already complete most payments with conventional cards.
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