Degen

Changpeng Zhao, founder and former CEO of the cryptocurrency exchange Binance, said at the Bitcoin 2024 Abu Dhabi conference that Bitcoin’s market cap could surpass gold. He said in an interview that gold’s supply is difficult to determine, while Bitcoin’s fixed code, portability, and transactability offer key advantages.

Zhao added that Bitcoin’s value could surpass gold’s estimated market cap of $16 trillion, which would mean more than $850,000 per bitcoin based on 19.7 million coins in circulation.

CryptoSlate says that with gold’s market cap nearing $17 trillion, Bitcoin would need to surpass $876,000 to close the gap.

Currently, Bitcoin’s market cap is less than $2 trillion. Zhao noted that relying on old metrics to value new assets leads to underestimating Bitcoin’s potential.