Bitwise CIO reiterates bitcoin price could reach $1 million as he compares it to gold

Bitwise Chief Investment Officer Matt Hougan reaffirmed his projection that Bitcoin's price could reach $1 million per coin by viewing it as an emerging competitor to gold in the global store-of-value (SoV) market. In a recent memo, Hougan explained that valuing Bitcoin requires assessing the SoV market size, which is currently just under $38 trillion (mostly gold). To reach $1 million, Bitcoin would need to capture over 50% of this market. However, he noted that the SoV market itself has historically grown at a compound annual growth rate of about 13% since 2004. If this growth continues, the market could reach $121 trillion in the next decade, meaning Bitcoin would only need to capture about 17% share to hit the $1 million mark. Hougan supports this outlook by citing the success of spot Bitcoin ETFs, increased institutional adoption, and declining long-term volatility. While acknowledging risks like slower market growth or failure to gain share, he suggests these projections might even be conservative if concerns over fiat debasement increase demand for alternatives.

(Source：The Block)