According to The Block, Bitwise Chief Investment Officer Matt Hougan reiterated that Bitcoin’s price could reach $1 million per coin, arguing that Bitcoin is increasingly becoming a global competitor to gold as a store of value. In a memo released on Tuesday, Hougan noted that the global store-of-value market is currently around $38 trillion, with gold accounting for approximately $36 trillion and Bitcoin around $1.4 trillion—meaning Bitcoin currently represents roughly 4% of this market. He pointed out that the store-of-value market has grown at an annual compound growth rate of about 13% since 2004. If this growth rate continues, the market could reach approximately $121 trillion over the next decade. At that scale, Bitcoin would need to capture only about 17% of the market share to reach a price of $1 million.
Bitwise CIO Reiterates Bitcoin Could Reach $1 Million as It Competes with Gold
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Summary
Bitcoin news: Bitwise CIO Matt Hougan said Bitcoin could reach $1 million as it competes with gold. He noted that the store-of-value market is $38 trillion, with gold at $36 trillion and Bitcoin at $1.4 trillion. If the market grows at 13% annually, it could reach $121 trillion in 10 years. Bitcoin analysis suggests it could hit $1 million if it captures 17% of the market.
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