Recently, Binance co-founder Zhao Changpeng asserted that the price of Bitcoin could rise more than 8 times, followed by another ambitious price prediction for Bitcoin.
It is worth noting that Bitcoin's appeal continues to grow, and price expectations are rising as many industry leaders have shared their views on the asset's short-term and long-term performance. The former CEO of Binance recently predicted the future prospects of Bitcoin, claiming it will surpass the market capitalization of gold.
Bitcoin reaches $850,000
During a panel discussion at the Bitcoin MENA 2024 conference held in Abu Dhabi, Zhao Changpeng hinted that Bitcoin will exceed $850,000. His theory is based on the fact that Bitcoin will surpass gold's market capitalization of $16 trillion. The former CEO claimed that Bitcoin's growth trajectory would outperform gold because Bitcoin is a new technology, while gold is an ancient financial tool.
He asserts that comparing Bitcoin to gold is unfair, as digital assets have many advantages and can 'do more' than precious metals.
Therefore, he insists that Bitcoin will create an industry larger than the gold empire. Notably, if Bitcoin's market capitalization reaches the level of gold (currently at $18.25 trillion), then the trading price for each Bitcoin would reach $921,976.
CZ emphasizes the advantages of Bitcoin relative to gold
The Binance co-founder emphasized the advantages of Bitcoin relative to gold, believing that the leading crypto asset is a limited asset. He also pointed out that Bitcoin is easier to consume and store, making it a better currency.
Furthermore, Zhao Changpeng emphasized Bitcoin's transaction capabilities, stating that holders can seamlessly transfer wealth using the asset compared to gold. Through this comparison, the co-founder inferred that Bitcoin will outperform gold in the short term.
It is worth noting that Zhao Changpeng is not the only one predicting that Bitcoin will surpass gold. Anthony Scaramucci and Howard Lutnick have previously made comparisons and asserted that Bitcoin is a superior asset to gold.