ChainThink reports that on March 15, according to CoinDesk, Bitwise Chief Investment Officer Matt Hougan reiterated his $1 million price target for Bitcoin this week, stating in his latest report that Bitcoin’s long-term upside potential depends on the share it can capture in the global store-of-value market.
Hougan noted that the global store-of-value market, which includes defensive assets such as gold and government bonds, has grown from approximately $2.5 trillion in 2004 to nearly $40 trillion today, while Bitcoin currently accounts for only about 4% of that total. If Bitcoin were to capture roughly half of this market under current conditions, its price could approach $1 million within about a decade. He admitted, “A $1 million price tag sounds crazy—it would mean Bitcoin rising 14 times from its current level.”
Several analysts recognize this direction, but disagree on the timeline. Mati Greenspan, founder of Quantum Economics, said: “Geopolitical tensions strengthen Bitcoin’s case, as investors seek neutral stores of value during periods of uncertainty, and Bitcoin is increasingly being grouped alongside gold in this category.” However, he believes achieving this could take a decade or longer and depends on sustained institutional adoption and regulatory clarity. Nima Beni, founder of Bitlease, argues that if confidence in traditional “safe” assets collapses—such as from a sovereign debt crisis or a shock to the gold market—the timeline for Bitcoin to reach $1 million could be significantly accelerated.