Binance founder Zhao Changpeng, widely known as CZ, delivered a bullish pitch for bitcoin at the Bitcoin Asia conference in Hong Kong on Thursday, 27 August 2026, even as a prolonged crypto downturn and the surging appeal of artificial intelligence cast a shadow over the event. The 48-year-old billionaire entrepreneur drew applause from a large crowd by declaring that bitcoin will 'for sure become more important than gold.'

CZ's Bullish Case for Bitcoin

Speaking to attendees, the former Binance CEO doubled down on his long-term conviction: 'I think bitcoin will overtake gold pretty soon.' He also offered a regional regulatory assessment, praising the United Arab Emirates for having 'the most progressive crypto regulations,' while acknowledging that Hong Kong was 'moving pretty quickly' compared to a 'little bit more conservative' Singapore.

The comments reflect a broader debate within the industry about which jurisdictions are best positioned to attract digital asset businesses as regulatory frameworks mature across Asia.

Why It Matters: AI Is Stealing Crypto's Thunder

Brandon Green, CEO of conference organiser BTC, set a sobering tone in his opening address. 'Psychologically, I think this has been one of the hardest bear markets we've had, because this time it wasn't just the price of bitcoin that took a hit,' he said. 'This time, the bitcoiners' ego also took a hit.'

Green noted that capital, talent, and public attention had migrated from crypto to AI, leaving the digital asset industry feeling 'smaller.' The observation underscores a structural shift: the generative AI boom has absorbed the speculative energy and venture funding that once flowed almost exclusively into crypto and Web3.

The Competitive Backdrop

The mood at Bitcoin Asia 2026 contrasts sharply with the euphoria that surrounded similar events during the 2021 bull cycle. Mining hardware maker Canaan and entities including American Bitcoin were among the industry participants present at the conference. The event also drew political attention, with figures such as Hong Kong legislator Johnny Ng Kit-chong and references to broader policy signals from Donald Trump's administration shaping the regulatory conversation.

The Securities and Futures Commission of Hong Kong has been a key regulatory reference point for participants assessing the city's crypto ambitions.

What's Next

The tension between CZ's optimism and the conference's subdued atmosphere reflects a pivotal moment for the crypto industry: it must articulate a compelling value proposition at a time when AI dominates the technology investment narrative. Whether bitcoin can reclaim mainstream momentum — and whether jurisdictions like Hong Kong and the UAE can convert progressive regulation into tangible industry growth — will be the defining questions heading into the remainder of 2026.