Speaking at Bitcoin Asia in Hong Kong on Thursday, Changpeng Zhao told a session called "The Bitcoin Century" that Bitcoin ($BTC) will become more important than gold for sovereign holders. He put the current market value gap at roughly tenfold, and said the crossing could come as early as the next bull run. The obstacle is not technical. It is institutional.
The case for Zhao's timeline rests on a few interlocking claims. Countries already hold gold through entrenched valuation and custody infrastructure, and replacing that apparatus takes years. But the shift, he argued, is already beginning: he told the audience that he routinely advises governments to build crypto reserves. His recommended framework strips out stablecoins, takes the five largest remaining cryptocurrencies, and weights by market capitalization. That produces a portfolio roughly 50% in Bitcoin, 10% to 20% in Ethereum, and a slice for BNB ($BNB), the token of the exchange he founded. He acknowledged the prescription is "a little bit self-serving."
On price, Zhao said Bitcoin reaching $1 million "would be a good thing, and it will happen," and does not think it needs 25 years. He added that utility matters more than the number: what he wants is Bitcoin payments at scale and Bitcoin as a reserve asset in pension funds and sovereign portfolios.
The counterargument is sitting in Zhao's own positioning. He is a former Binance chief executive who pleaded guilty to a U.S. money laundering charge in 2023. His government reserve formula includes BNB, a token in which he holds a direct economic interest. When a founder addresses a conference called "The Bitcoin Century" and recommends a portfolio that happens to include his own token, the incentive structure is not ambiguous. Peter Schiff, whom Zhao named as a longtime Bitcoin critic, would say the whole thesis is promotional.
A separate thread Zhao raised points in a different direction. He expects AI agents to begin transacting in crypto, starting with stablecoins, with Bitcoin adoption following once a system accepts those. He also said he has discussed token launches with major AI companies facing capital demands their valuations cannot cover, noting that a single gigawatt of compute costs between $30 billion and $50 billion, with some firms targeting hundreds of gigawatts.
On balance, the gap Zhao cited is real. At roughly tenfold between gold and Bitcoin by market value, it has narrowed. Whether a single bull run closes it is his projection, and the BNB allocation in his recommended government portfolio is the line to watch before taking that timeline at face value.