Why Bitcoin Is on a Path to $1 Million Per Coin: Bitwise
Bitwise CIO Matt Hougan argues that Bitcoin could plausibly reach $1 million per coin through “reasonably conservative assumptions.” He reasons that Bitcoin is emerging as a store of value, currently accounting for under 4% of a global store of value market worth about $40 trillion. For Bitcoin to reach $1 million per coin at current market size, it would need to capture around half that market—a significant leap. However, if the store of value market grows as it has—potentially to $121 trillion in 10 years—Bitcoin would only need a 17% share to attain the $1 million valuation. Hougan notes that gold, as part of this market, has increased substantially, reflecting ongoing market expansion. He believes continued institutional adoption, ETF introductions, and decreased volatility support Bitcoin’s potential. However, he acknowledges risks: macroeconomic conditions may stall market growth, and Bitcoin might not gain sufficient share. Hougan emphasizes Bitcoin’s immaturity relative to established stores of value and contends its journey to mainstream adoption is ongoing.
