Bitcoin Could Reach $1 Million, Says Bitwise CIO Matt Hougan
- Bitcoin’s current market share in the global store-of-value market is just below 4%.
- The total store-of-value market is approximately $38 trillion, including $36 trillion in gold.
- If the market grows to $121 trillion, Bitcoin would need to capture only about 17% to reach $1 million per coin.
- Historically, the store-of-value market has expanded significantly, growing from $2.5 trillion in gold in 2004 to nearly $40 trillion today.
Matt Hougan emphasizes that many analysts underestimate Bitcoin’s potential by viewing the store-of-value market as static. He argues that if growth trends continue and Bitcoin captures more of this expanding market, substantial price increases are possible.
Hougan acknowledges risks but believes that continued growth of both the store-of-value market and Bitcoin’s share could lead to much higher prices than currently seen. (Source)
