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CZ tweeted:
“Prediction: Bitcoin will flip gold.
I don’t know exactly when. Might take some time, but it will happen. Save the tweet”
He then followed the tweet with this list of top assets by market capitalization:
 
It is difficult to predict the future of commodities like Gold and Bitcoin because of their supply dynamics and market sentiment. However, if Gold theoretically maintains its current market value, BTC will need to appreciate by 1300% to catch up with its massive $29 trillion valuation. It will easily breach the $1 million valuation during this price surge.
A move like this would place BTC firmly at the top of the asset class’s pecking order and make it universally acceptable for transactions.
The Bitcoin-Gold Debate
The Bitcoin-Gold debate is an interesting discourse that shows how the most prominent legacy asset stacks up against BTC, the “energy currency.” While Gold and Silver have been used as currencies over the last few millennia, the former has always accounted for the lion’s share of value because of the difficulty of mining and refining it.
Gold’s inertness, sparkle, use in jewelry, and coinage properties have made it an ideal choice over the years. However, it has seen its ups and downs over the years, famously suffering from an extended period of oversupply in the 16th and 17th centuries due to the plunder of South and Central America.
Bitcoin, on the other hand, has a history of 15 years and is still gaining ground. But during this short period, it has amassed more than $2 trillion in value and is looking increasingly upward as users prefer its lean system of digital existence, low fees, decentralized, consensus-based network, and self-custodial feature.
Comparing the two assets is not a fair comparison, but certain similarities cannot be ignored. Both are better suited as store-of-value than as everyday currency. Both can be identified independently, and both suit central banks because of their limited circulation.
However, Bitcoin is undoubtedly the only major asset that can challenge Gold’s hegemony right now.
The Future
Gold is currently in major bullish territory, as its value has increased by more than 50% since the start of the calendar year, pushing its total market cap close to $30 trillion. Bitcoin, on the other hand, has underperformed the precious metal and struggled to respond to major price gains in the bullion market. Its current market cap is below $2.3 trillion.
However, even with the premier digital asset off its game, it has had pretty decent price action during the last 12 months. It may look to cut its losses in the near future and reassert its importance in the evolving economy.