Binance founder Changpeng Zhao, known as CZ, said at Bitcoin Asia that Bitcoin could surpass gold during the next bull market, with the assets’ valuations separated by about 10 times. Ricardo Salinas Pliego estimated that Bitcoin could reach roughly $1.86 million if it matched gold’s total market value. CZ said sovereign adoption as a strategic reserve asset could accelerate Bitcoin’s rise, although central banks and governments already have established systems for valuing, storing and managing gold. Glassnode data showed Bitcoin’s 90-day correlation with gold rose from 0.21 in March to about 0.57, while its correlation with the Nasdaq-100 fell from 0.57 to 0.22. Other estimates put the gold correlation near 0.59, its highest level since 2020, supporting the view that Bitcoin is trading more like a monetary hedge than a high-risk technology asset.