CZ: Bitcoin could surpass gold’s market cap next bull run

Zhao's framing shifts the debate from bitcoin's price to its relative store-of-value standing, a metric that resonates with institutional allocators weighing it against gold. The rising correlation with gold, per Glassnode, complicates the narrative of bitcoin as a diversifier, suggesting it may currently trade more as a risk-on gold proxy than a fully independent asset. For market watchers, the key tension is whether a bull run can decouple bitcoin's adoption trajectory from macro-driven gold flows, or if the correlation persists and caps its upside relative to the metal. The next cycle will test if bitcoin's market cap can approach gold's without a sustained breakdown in that correlation.