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ETH Zhao Changpeng: Bitcoin will overtake gold, and it may happen in the next bull market.
Binance founder Zhao Changpeng said at a conference in Hong Kong on Thursday that Bitcoin will overtake gold, and this change may happen during the next bull market. When asked whether Bitcoin would surpass gold as the preferred asset of sovereign countries, Zhao Changpeng said in the "Bitcoin Century" theme session: "I think Bitcoin will definitely be more important than gold."
He pointed out that the obstacles are institutional rather than technical. Major countries have established a complete gold valuation and reserve mechanism, and it will take years to replace this system. These countries '"switch to Bitcoin" will take time, but it will happen eventually. He mentioned that the market value gap between gold and Bitcoin has narrowed to about ten times. "I think Bitcoin will soon overtake gold," he said."The next bull market could happen." He added that Bitcoin was "a much better asset than gold" and joked that long-time Bitcoin critic Peter Schiff would not agree with this view.
Zhao Changpeng told the audience that he often advises governments of various countries to establish crypto reserves. His suggestion is "quite simple and a little selfish": eliminate stablecoins, take the five remaining crypto currencies with the largest market value, and then weigh them according to market value. The result of this configuration is about 50% Bitcoin, 10% to 20% Ethereum, and a portion of the token BNB of the exchange he founded.
Zhao Changpeng expects that AI agents will first use cryptocurrencies for transactions starting from stablecoins. Once the system accepts stablecoins, adding bitcoins becomes logical. He also revealed that he had discussed token issuance issues with a number of top AI companies, and these companies faced funding needs far beyond what their valuations could cover. Zhao Changpeng said that the computing cost of one gigawatt is about US$30 billion to US$50 billion, and some companies hope to have hundreds of gigawatts of computing power within a few years, which means trillions of dollars in capital needs.
One model currently under discussion is a "data center token" that in the future will allow holders to obtain rewards or computing resources, and may even extend to subscriptions and model access. He believes that AI will be adopted earlier in the transaction field than in the payment field, because consumers can complete the purchase themselves after the AI agent finds a suitable transaction. Transactions are different."You have to gather a lot of information quickly and you have to respond quickly to news." He estimates that efficiency will increase by about tenfold.
Zhao Changpeng, who resigned as CEO of Binance in 2023 after pleading guilty to U.S. money laundering charges, talked about prices at the end of his speech. He said Bitcoin reaching $1 million "would be a good thing and it will definitely happen," and he doesn't think it will take 25 years. "It's going to happen faster, but more important than price, we need more practicality." He said,"We need Bitcoin payments to be popularized on a large scale and we need Bitcoin to become a reserve asset for retirement pension funds. This day will come eventually."
