Going through your coment I found out a thread created in regards to this Which says
When will Bitcoin catch up with Gold in capitalization?But nevertheless after a deep thought I discover that the market capitalisation of bitcoin to equate with gold is easy using the formula
Price of coin × total supply = market cap for example if 1
BTC @$96000 × 21m supply of bitcoin= $2.16trillion meaning that for bitcoin to compete with gold Market cap it must surely be 1
BTC @$550 - 600k × 21million= 11.5Tr to 12.6Tr. so surely it is easy to determine by this formula even though it might not give the exact figure but must be approximately. So when you think of bitcoin cap to compete gold think of 6x to 7x of bitcoin growth from now.
Your calculations are correct
but it will take more than that for Bitcoin to surpass Gold.
My explanation in regards to this, is just an example to let him know the range at which bitcoin will climb to meet up the standard of the market cap of gold. But however it will surely supersede the ball mark of $550k to $600k. Like I said it was just a mear assumption of which I included that it will need to grow by 6x to 7x to meet gold, which implies that it will surely surpas the $600k to achieve that.
This is because we know that it will take two or more cycle for Bitcoin to get to $550k or $600k and within these years Gold will not just sit at one point without increases.
You are actually correct though, but we should also consider that Gold has been an asset that has lasted for decade and bitcoin is Bearly 15years old now compeard to gold. So surely if bitcoin is 15years and achievements %20 of Gold market cap meaning that if bitcoin surely reaches 30years it will do wonders. Morover investors are switching to the most volatile asset like bitcoin thereby increasing the market cap of bitcoin. So surely there is a competitive Market. The reason while gold has such market carp was because it was the best reserved asset as at then. But now Bitcoin has proven to be better than gold, bitcoin will gain popularity and attention.