Bitwise CIO now predicts Bitcoin could soar to $1 million in a decade

Bitwise Chief Investment Officer Matt Hougan now believes Bitcoin could hit $1 million within a decade. His shift in perspective comes after years of dismissing the idea as unrealistic. Recent trends in gold's market growth and Bitcoin's adoption have reshaped his outlook.

Hougan's analysis compares Bitcoin's trajectory with gold, a traditional store of value. Since 2004, gold's market capitalisation has surged, with tokenised gold alone reaching $5.4 billion. Meanwhile, gold prices recently peaked at $5,602 per ounce. He notes that central banks have been stockpiling gold—not Bitcoin—which partly explains Bitcoin's recent underperformance.

He now argues that Bitcoin only needs to maintain its current growth path to reach $1 million. If the store-of-value market expands to $121 trillion in ten years, as he projects, Bitcoin capturing half of it would push its price to that milestone. Hougan admits he once laughed off the idea but now sees it as plausible under conservative assumptions.

The crypto winter, he suggests, may end sooner than expected. Institutional investors are likely to fuel a steadier, more sustainable bull market. For those considering Bitcoin now, he believes current prices offer an attractive entry point if the $1 million target materialises.

Hougan's revised stance hinges on Bitcoin securing a significant share of the future store-of-value market. His projections rely on continued institutional interest and a broader shift in asset allocation. The outcome depends on whether Bitcoin can mirror gold's long-term adoption as a hedge against inflation.