Bitcoin is constantly called “digital gold.” But at current valuations, bitcoin:native is worth only about 5% as much as gold. The estimated value of all above-ground gold is approximately $31–$32 trillion. Bitcoin’s market cap is around $1.56 trillion. Using today’s circulating supply, if Bitcoin’s market cap reached: • 10% of gold → approximately $157,000 per BTC • 25% → approximately $393,000 • 50% → approximately $786,000 • Full parity → approximately $1.57 million These are not price predictions. And gold is not a $31 trillion pool of capital waiting to rotate into Bitcoin. Its estimated value includes jewellery, central-bank reserves and investment holdings. This comparison simply shows the difference in scale. Now zoom out again. At the end of 2025: • Global equities were worth $157.8 trillion • Global fixed-income securities outstanding reached $160.7 trillion The entire crypto market is currently worth approximately $2.71 trillion. That is less than 1% of those two traditional markets combined. Again, these are different asset pools, not a forecast of future inflows. Being early no longer means that nobody has heard of Bitcoin. It means Bitcoin remains a relatively small allocation beside the established stores of value and capital markets around it. Bitcoin does not need to replace gold for its valuation to change dramatically. It only needs to earn a larger share of the same store-of-value role. What percentage of gold’s valuation can Bitcoin realistically reach? 10%, 25%, 50%, or full parity?