Bitcoin (BTC) traded fairly flat on Thursday after testing the $80,000 mark over the week between September 3 and 4.
Notably, the broader crypto market also moved higher. Ethereum broke above $2,500 after gaining just over % in the same period, while XRP rose 6%.
Amid the renewed momentum across the crypto market, Mexican billionaire Ricardo Salinas Pliego has reiterated his highly bullish outlook on Bitcoin, arguing that the asset could eventually reach $1.86 million.
Salinas, a longtime Bitcoin advocate, believes the cryptocurrency's limited supply and growing adoption could drive its value significantly higher over the long term.
Salinas arrived at that figure by comparing Bitcoin with gold. He argues that if Bitcoin eventually reaches gold's total market value, the cryptocurrency would need to trade at around $1.86 million per coin.



 
“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.†He stated, responding to a post by Bitwise.
This is not a new view for the billionaire. Salinas has repeatedly argued that Bitcoin can compete with gold as a store of value. In 2025, he estimated that BTC would need to reach roughly $1.516 million to match gold's market capitalization.
Moreover, his conviction is reflected in his own portfolio. In June, Salinas revealed that Bitcoin accounted for 70% of the liquid financial portfolio he manages. That was an increase from roughly 70% after he bought more Bitcoin during a market dip. The rest was largely allocated to gold and silver mining stocks.
“As soon as I get my hands on some fiat, I turn it into bitcoin,†Salinas said during a June 17 interview with Coindesk.
He has also backed the idea that Bitcoin could eventually reach the million-dollar mark, although he has been less certain about the timing. When asked at the time about $1.5 million Bitcoin forecasts from Cathie Wood and Michael Saylor, he responded, “It will be a million dollars, but I don't know when.â€
That said, other pundits are also seeing much higher valuations for Bitcoin if it captures a meaningful part of gold's role. Analyst Willy Woo has also projected multi-million-dollar Bitcoin prices under a scenario where the cryptocurrency takes a significant share of gold's monetary role or broader global wealth storage.
For Salinas, however, the $1.86 million figure is a long-term argument rather than a near-term prediction. Bitcoin would need to increase dramatically from its current level near $81,000 to reach it.
Still, his latest comments highlight the growing debate over whether Bitcoin could eventually compete directly with gold for global store-of-value demand.
At press time, Bitcoin was trading at $76,722, down 3.35% in the past 24 hours.
