Bitwise Chief Investment Officer Matt Hougan reiterated that Bitcoin could reach $1 million per coin, framing the cryptocurrency as a growing competitor to gold in the global store-of-value market. Hougan noted that the current market, valued at approximately $38 trillion, is dominated by gold, with Bitcoin accounting for under 4% of the total value. He suggested that capturing roughly 17% of the market within a decade could justify a $1 million per coin valuation.
Hougan emphasized the role of market growth, citing the expansion of the store-of-value sector from $2.5 trillion in 2004 to nearly $40 trillion today. Factors such as rising government debt, geopolitical uncertainty, and easy monetary policy have contributed to this growth, supporting potential long-term adoption of alternative assets like Bitcoin.
Institutional adoption and products such as spot Bitcoin ETFs have increased access and liquidity, while volatility has moderated, allowing investors to consider larger allocations. Hougan acknowledged risks, including slower market growth or limited Bitcoin adoption, but highlighted the ongoing trend of market expansion and institutional interest as supportive of higher valuations.
