At Bitcoin MENA 2024, Binance CEO Changpeng Zhao stated Bitcoin might surpass gold’s market capitalization. Talking in an interview through the occasion, Zhao stated gold’s provide is tough to find out, whereas Bitcoin’s fastened code, transferability, and transactional functionality provide key benefits.
He prompt Bitcoin’s valuation might exceed gold’s estimated $16 trillion market cap, which might imply about $850,000 per coin primarily based on 19.7 million BTC in circulation. CryptoSlate evaluation reveals gold’s market cap is nearer to a $17 trillion valuation, which might require Bitcoin to surpass $876,000 to shut the hole. At present, Bitcoin’s market cap sits at just below $2 trillion.
Zhao famous that counting on previous benchmarks to worth new belongings underestimates potential. Bitcoin’s present worth, close to $97,000, follows current volatility and document highs. Market elements, together with institutional participation, regulatory shifts, and technological developments, could affect any method towards such a milestone.
Debates persist round Bitcoin’s position as a type of digital cash, a retailer of worth, or a medium for transactions. Nevertheless, it’s tough to argue with Zhao’s evaluation of its comparisons to gold.
Liam ‘Akiba’ Wright
Also referred to as “Akiba,” Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized know-how has the potential to make widespread optimistic change.
