What happened?
Lightspark CEO David Marcus said Bitcoin is “severely undervalued” compared to gold and suggested it could reach $1.3 million if it matched gold’s market cap. He made the comments in a Bloomberg interview as Bitcoin hit a fresh all-time high above $126,000 and tokenized gold crossed a $3 billion market cap. Marcus also emphasized Bitcoin’s role as the “internet of money” and highlighted real payment use cases via the Lightning Network.
Who does this affect?
Retail and institutional investors could rethink allocations between Bitcoin and tokenized gold as valuations and narratives shift. ETF managers, exchanges, and custody providers are affected by rising inflows and declining exchange-held supply, which tighten liquidity. Payments firms, remittance users, and policymakers also feel the impact as on-chain use and talk of central bank interest change demand dynamics.
Why does this matter?
If Bitcoin is repriced closer to gold, it could trigger large capital inflows and significant upward pressure on price while making supply constraints more acute. The simultaneous rise in tokenized gold shows competing stores-of-value, so capital could flow between crypto and tokenized precious metals depending on sentiment and macro risks. Growing ETF adoption, institutional interest, and possible central bank consideration mean these moves could materially increase market volatility and long-term bullish pressure across crypto markets.