Saifedean Ammous, author of "The Bitcoin Standard," said Bitcoin already functions as a medium of exchange and expects its volatility to decline as it matures, making it less volatile than gold.
Ammous wrote in a Tuesday X post that Bitcoin can serve as a medium of exchange while surpassing gold's $29 trillion market capitalization. He argued that holding Bitcoin represents using it as money, and limited transaction volume does not negate its ongoing monetization.
These remarks respond to Professor Lawrence H. White's book, "Better Money: Gold, Fiat, or Bitcoin?", which critiques Bitcoin's suitability as a medium of exchange. White said in a Monday X post that Bitcoin's fixed supply explains its price volatility. He wrote that the lack of supply response to demand swings makes Bitcoin too volatile for those seeking a reliable medium of exchange, which is why stablecoins have captured transaction volume from Bitcoin.
Bitcoin's current market capitalization stands at $1.6 trillion. To surpass gold, Bitcoin requires an 18-fold increase.
Other analysts predict Bitcoin will eventually exceed gold. André Dragosch, Bitwise's head of European research, told Cointelegraph in May 2025 that the firm's forecast projects a $1 million Bitcoin price by 2029. A $1 million price would match gold's market capitalization, according to Bitwise's analysis.
Blockstream CEO Adam Back predicted in April 2025 that Bitcoin will rival gold's use cases as a monetary hedge, citing global financial instability and rising fiat inflation as drivers.
Bitcoin trades at $83,369.41 as of Oct. 14, up 0.14 percent today. The Crypto Fear & Greed Index sits at 62, signaling greed sentiment.
