Bitwise's CIO reiterated that Bitcoin has the potential to reach $1 million, stating that it will compete with gold in the global store of value market.

PANews reported on March 11 that, according to The Block, Bitwise Chief Investment Officer Matt Hougan reiterated in a recent memo that Bitcoin's price is poised to reach $1 million per coin. He pointed out that Bitcoin's long-term potential becomes clearer when viewed as a competitor to gold in the global store of value market. Currently, the global store of value market is worth nearly $38 trillion, of which gold accounts for approximately $36 trillion and Bitcoin for approximately $1.4 trillion, representing less than 4%.

Hougan believes that if the market continues to expand at a compound annual growth rate of approximately 13% over the past 20 years, it could reach approximately $121 trillion in the next decade. At that point, Bitcoin would only need to capture about 17% of the market to achieve a price of $1 million. He believes recent developments support this possibility: the spot Bitcoin ETF has become the fastest-growing ETF in history, institutions such as the Harvard endowment fund and the Abu Dhabi sovereign wealth fund have allocated to the asset, and Bitcoin's long-term volatility has decreased. He acknowledges that risks remain, but also points out that this prediction may still be conservative if concerns about government debt and fiat currency devaluation intensify.