Mexican billionaire Ricardo Salinas Pliego renewed his long-term Bitcoin thesis this week, pointing to gold’s total market value as the benchmark that could eventually send BTC toward $1.86 million per coin.

In a post on X, the Grupo Salinas founder argued that reaching parity with gold’s market capitalization would require exactly that price. He also mentioned that Bitcoin’s adoption curve is still very early.

Salinas Pliego’s Long-Running Gold Comparison

This is not a new theme for Salinas. Back in October 2025, after gold became the first asset to reach a $30 trillion market cap, he predicted Bitcoin would need to rise at least 14 times, to around $1.516 million, just to match gold’s valuation before continuing to outperform it.

“If bitcoin were to achieve parity with gold market value, it would have to go up in price to $1.86 million per bitcoin. BTC = $1,860,000 USD It is still very early,” Salinas Pliego said on X.

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He has consistently framed Bitcoin as superior digital gold: more portable, harder to manipulate, and free from the physical storage and verification issues that come with the metal.

Salinas holds the majority of his liquid portfolio in Bitcoin-related assets, often citing 70%-80%, with the remainder split between gold and mining stocks. He views both as hedges against fiat debasement, while explicitly preferring Bitcoin’s scarcity and digital properties.

The comparison lands amid rising institutional interest in hard assets generally. Bitcoin’s correlation with gold recently reached a six-year high, according to Bitwise research, as investors seek protection from currency debasement and fiscal stimulus, a pattern echoing what followed 2020-era pandemic policy responses.

Analysts tie the move to fiscal arithmetic rather than yield curves or rate expectations, noting that every major advanced economy except Switzerland now carries a debt-to-GDP ratio above 100%.

Other Prominent Voices Echo a Similar Thesis

Salinas is far from alone in drawing this comparison. Michael Saylor has repeatedly called Bitcoin digital capital, arguing it is superior to what he calls analog gold in terms of transparency and performance metrics.

Analyst Willy Woo has projected multi-million-dollar Bitcoin prices if the asset captures a meaningful share of gold’s monetary role or broader global wealth storage.

Other market commentators discussing market-cap parity note that even a $1 million Bitcoin would still represent only a fraction of gold’s total valuation, reinforcing the same early-stage narrative.

As of this writing on September 4, Bitcoin trades near $79,450, according to BeInCrypto data, with a market cap of around $1.56 trillion, still a small fraction of gold’s multi-trillion-dollar market.

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Source: BeInCrypto