As of November 30, 2025, Bitcoin has not "completely replaced gold" as a store-of-value asset:

• Gold’s total market value is still on the order of $15–$16 trillion, while Bitcoin’s market cap is roughly $1–1.5 trillion (depending on price), meaning gold remains far larger and more widely held as a reserve and wealth-preservation asset.
• Central banks continue to hold and accumulate gold as a reserve asset, while none treat Bitcoin as a primary reserve comparable to gold.
• Gold is still the dominant asset in jewelry and physical bullion markets, and is deeply embedded in institutional portfolios and monetary systems.

Bitcoin also has not yet gained broad transactional use for purchasing hard assets (e.g., real estate, cars, large capital goods). While there are niche examples of real estate or cars being bought with Bitcoin, these remain exceptions rather than a mainstream, system-wide practice; most high‑value asset markets are still priced and settled in fiat currencies, with Bitcoin rarely used directly as the payment medium.

However, Chamath’s claim was framed as an eventual, long‑run outcome of the current halving+ETF cycle, without a specific date. Because this is a structural, multi‑cycle thesis about Bitcoin ultimately displacing gold and gaining widespread transactional utility, it is too early to judge it definitively right or wrong based solely on conditions in 2025.

Therefore, the appropriate classification as of now is “inconclusive (too early)”: the prediction has not come true yet, but also has not been invalidated by a missed time-bound target.