Bitcoin Could Overtake Gold in the Next Bull Run, Says CZ

Bitcoin will overtake gold, and it could happen as soon as the next bull run, Binance founder Changpeng Zhao told an audience at Bitcoin Asia in Hong Kong.

"I think Bitcoin will, for sure, become more important than gold," Zhao said during a session billed as "The Bitcoin Century," when asked whether the asset would outrank bullion for sovereign holders.

The obstacle he identifies

His argument is that the barrier is institutional rather than technical. Large countries already have established mechanisms for valuing and storing gold, built over decades, and replacing that apparatus takes years. Shifting into bitcoin "will take time, but it will happen," he said, noting the market value gap between the two has narrowed to roughly tenfold.

"I think Bitcoin will overtake gold pretty soon," he added. "In the next bull run, it could happen." Bitcoin is "just a much better asset than gold," he said, joking that the long-standing critic Peter Schiff would disagree.

The disclosure he made himself

Zhao told the audience he routinely advises governments to build a crypto reserve, and acknowledged his recommendation for how to do it is "pretty simple and it's a little bit self-serving."

That candour is worth keeping in view. The founder of the largest exchange telling sovereigns to accumulate the asset his exchange trades is a forecast with a position attached, and a tenfold gap is a large distance to close on sentiment alone.