Notably, Bitcoin’s growing appeal has been accompanied by higher price expectations as many industry leaders have offered their opinions on the asset’s short-term and long-term performance. The former CEO of Binance recently predicted Bitcoin’s future prospects, claiming that it will surpass the market capitalization of gold.
Bitcoin to $850,000
CZ During a panel discussion at the Bitcoin MENA 2024 conference in Abu Dhabi, Zhao implied that Bitcoin will surpass $850,000. He based his theory on the fact that Bitcoin will surpass gold’s $16 trillion market capitalization. The former CEO claimed that Bitcoin’s growth trajectory will be superior to that of gold, as Bitcoin is a new technology while gold is an old financial instrument. He asserted that comparing Bitcoin to gold is not fair, as the digital asset has many advantages and “can do more” than the precious metal.
As a result, he maintained that Bitcoin will create an industry larger than the empire of gold. Notably, if it reaches the market capitalization of gold, which is currently $18.25 trillion, Bitcoin will trade at $921,976 per coin.
CZ Highlights Bitcoin’s Superiority Over Gold
The Binance co-founder highlighted Bitcoin’s superiority over gold, arguing that the leading crypto asset is a limited asset. He also noted that Bitcoin is easier to spend and store, making it a better currency.
Read more: Bitcoin Soars Again, Closes the Day Above $100,000
Furthermore, CZ also reinforced Bitcoin’s transactional capabilities, saying that holders can use the asset to transfer wealth seamlessly compared to gold. With this comparison, the co-founder inferred that Bitcoin will outperform gold in the short term. Notably, Zhao is not the only one predicting that Bitcoin will surpass gold. Anthony Scaramucci and Howard Lutnick have previously compared and asserted that Bitcoin is a superior asset to gold.
