Changpeng Zhao, widely known as CZ, made a striking claim at Bitcoin Asia 2026: bitcoin could eventually grow large enough to overtake gold. It is an attention-grabbing idea, but it needs to be read as a long-term argument about the role of reserve assets, not as a near-term price call.
The short answer
For bitcoin to “surpass gold” means its total market value would have to be larger than the estimated value of all gold above ground. It does not mean that one bitcoin would cost more than a bar of gold, nor that gold would suddenly become irrelevant.
What CZ’s argument is really about
At the conference in Hong Kong, CZ’s case centred on Bitcoin’s digital properties: it can be transferred globally, divided into very small units, and verified on a public network. He also acknowledged the harder part of the story. Gold is supported by deep markets, established custody systems, central-bank reserves, and centuries of familiarity. None of that changes overnight.
That is why the useful question is not whether a single bull market can produce a dramatic price move. It is whether more investors, institutions, and governments will treat bitcoin as a durable reserve asset over time.
Why market value matters more than the price of one coin
Bitcoin and gold are measured in completely different units, so comparing their quoted prices tells us very little. Market value gives the more meaningful view of scale.
- Gold: The World Gold Council estimates that roughly 220,700 tonnes of gold existed above ground at the end of 2025, with a total value of about US$31 trillion.
- Bitcoin: Its market value moves with both its traded price and the amount of bitcoin in circulation.
Even this is an imperfect comparison. Gold exists as jewellery, industrial material, official reserves, coins, bars, and financial holdings. Bitcoin is a purely digital monetary asset. The comparison is best used to understand the size of the gap, not to turn it into a fixed price target.
Why bitcoin has a credible case
A supply schedule that is visible to everyone
Bitcoin’s issuance rules are built into the network. Participants can independently verify the supply schedule and transaction history. For people concerned about monetary debasement, that transparency is a major part of Bitcoin’s appeal.
It is built for a connected world
Gold is durable and universally recognised, but moving large amounts across borders requires physical transport, insurance, and trusted intermediaries. Bitcoin can move over a network and be divided precisely, which gives it a different kind of usefulness in a global digital economy.
Institutional access is becoming more structured
Bitcoin-linked investment products have made it easier for some institutions to take price exposure without managing private keys directly. That lowers an operational barrier, but it does not erase bitcoin’s underlying volatility or the specific risks of the products used to access it.
Why the gold comparison still has limits
Gold has earned trust over centuries
Gold is not merely an investment instrument. It is used in jewellery, industry, private savings, and official reserves. Its place in the financial system rests on a long record of use. Bitcoin may be younger, more portable, and easier to verify digitally, but it has not yet accumulated the same depth of trust.
Bitcoin remains a volatile asset
A reserve asset must inspire confidence during stressed markets. Bitcoin has delivered exceptional moves in both directions, and regulatory filings for bitcoin-related products continue to highlight volatility, liquidity, regulatory, custody, and technology risks. Calling bitcoin “digital gold” is therefore a useful thesis, not a settled fact.
Self-custody demands discipline
Holding bitcoin directly gives the owner control, but it also requires careful handling of recovery information, devices, and transaction approvals. A lost recovery phrase or an incorrect transfer can be difficult or impossible to reverse. Portability and personal control come with responsibility.
What to watch instead of chasing a prediction
- Why companies and financial institutions are choosing to hold bitcoin
- Whether custody, trading, and settlement infrastructure continues to improve
- How clear major jurisdictions become about digital-asset regulation
- How bitcoin behaves during periods of broad market stress
- Whether users are getting better at security, fraud prevention, and responsible self-custody
What this means for investors in Thailand
CZ’s remarks are a view of the future, not evidence that bitcoin will reach a particular value on a particular date. They are best used as context for understanding the reserve-asset debate, not as a standalone reason to buy.
For anyone who chooses to hold bitcoin, the practical questions matter as much as the market narrative: where is it held, who controls it, and how is the recovery information protected if self-custody is the chosen approach?
Conclusion
Bitcoin has features that make the comparison with gold understandable: a transparent supply schedule, portability, and global transferability. But overtaking gold would require much more than a rising price. It would require broader acceptance, resilient infrastructure, clearer rules, and sustained confidence through difficult market conditions.
This article is for information only and is not investment advice.
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