$1 Million Bitcoin Isn’t as Far-Fetched as It Sounds, Analyst Says

Matt Hougan, CIO of Bitwise Asset Management, suggests that the skepticism surrounding Bitcoin reaching $1 million often stems from using static valuation methods. He frames Bitcoin as an emerging store-of-value asset competing with gold. Hougan's projection relies on estimating the total size of the store-of-value market, which he believes could grow from nearly $38 trillion today to about $121 trillion in a decade, similar to gold's past expansion. If Bitcoin captures just 17% of that future market—a significant increase from its current 4% share—it would reach the $1 million price point, given its fixed supply of 21 million coins. While acknowledging that market growth and adoption rates are assumptions, Hougan asserts that focusing on a fixed market size is the central mistake when valuing an asset in an expanding category, concluding that the base case points toward much higher prices.

(Source：Bitcoin Magazine)