Veteran in the payments industry David Marcus recently proposed an interesting idea: compared to gold, the current price of Bitcoin may be far below its true value.

His logic is as follows—if Bitcoin were to be assigned a market cap similar to that of gold, the price per coin could surge to $1.3 million. Sounds a bit outrageous? But data suggests it might make sense: the global gold market cap is about $15 trillion, while Bitcoin's current market cap is only $1.7 trillion, which means there is still 7-8 times growth potential.

What's even more interesting is that Marcus emphasizes that Bitcoin's potential as a payment network has not been fully recognized by the market. In his view, Bitcoin is not just an asset but the core infrastructure of the "money internet," and the value of this part has not been priced in at all. In other words, the market may not have truly understood Bitcoin's long-term strategic position.