Bitwise CIO Says Bitcoin Could Reach $1 Million If It Captures Half of Global Store-of-Value Market

Bitwise Chief Investment Officer Matt Hougan reaffirmed a $1 million long-term price target for Bitcoin in a report published March 15, stating the cryptocurrency's upside depends on its share of the global store-of-value market, CoinDesk reports. He estimated this market, including assets like gold and government bonds, has grown from about $2.5 trillion in 2004 to nearly $40 trillion today, while Bitcoin represents only around 4% of the total. If Bitcoin captured roughly half under current conditions, its price could approach $1 million in about a decade, though this would require a 14-fold increase from current levels. Quantum Economics founder Mati Greenspan said geopolitical tensions are boosting Bitcoin's appeal as a neutral store of value alongside gold, but the move to $1 million may take a decade or longer and depends on continued institutional adoption and regulatory clarity, while Bitlease founder Nima Beni argued a collapse in confidence in traditional safe assets could significantly shorten the timeline.