Catenaa, Thursday, March 12, 2026- Matt Hougan said Tuesday that Bitcoin could eventually reach $1 million per coin if it captures a larger share of the global store-of-value market now dominated by Gold.
Hougan, chief investment officer at Bitwise Asset Management, outlined the projection in a research memo examining long-term demand for assets used to preserve wealth.
He wrote that the combined global store-of-value market, which includes gold, government bonds and other defensive assets, has expanded sharply over the past two decades.
According to Hougan, the market grew from about $2.5 trillion in 2004 to nearly $40 trillion today. The expansion coincided with the rise of gold exchange-traded funds and growing demand for assets viewed as hedges against inflation, currency volatility and geopolitical risk.
Bitcoin currently holds roughly 4 percent of that market by value. Hougan estimated that if the cryptocurrency captured about half of the market under current conditions, its price could reach about $1 million per coin. If the overall store-of-value market continues to expand, bitcoin would require a smaller share to reach that level.
The cryptocurrency traded near $70,000 Tuesday, reflecting modest gains over the previous 24 hours.
Market analysts say the growth of regulated investment products has helped drive institutional demand. Spot bitcoin exchange-traded funds launched in the United States in 2024 and attracted tens of billions of dollars in inflows from asset managers, pension funds and financial advisers.
Large institutions have also begun testing direct exposure to digital assets.
Some sovereign wealth funds and pension systems have explored limited allocations to cryptocurrencies as part of diversified portfolios. Several corporations hold bitcoin on their balance sheets, reflecting a trend toward using the asset as a treasury reserve.
Supporters argue bitcoin’s fixed supply and global accessibility give it advantages compared with traditional stores of value. The network operates continuously and allows transfers across borders without reliance on traditional financial intermediaries.
Critics note that bitcoin remains volatile compared with assets such as gold and government bonds. Regulators in multiple countries continue to evaluate frameworks governing digital asset trading, custody and taxation.
Bitcoin was introduced in 2009 as a decentralized digital currency using blockchain technology to record transactions. The network relies on a distributed system of miners and nodes to verify transfers and maintain security. Over time the asset has evolved from a niche technology experiment into a widely traded financial instrument used by retail investors, institutions and payment companies.
