Bitwise CIO Matt Hougan outlines path for bitcoin to hit $1 million by expanding store-of-value share

Bitwise Chief Investment Officer Matt Hougan argued in a Tuesday memo that bitcoin could eventually trade at $1 million per coin if it captures a larger slice of the global store-of-value market. He noted that this market is currently just under $38 trillion, with bitcoin at about 4%, and projected it could grow to roughly $121 trillion within a decade. Under that scenario, bitcoin would need to reach around a 17% share of the market to justify a $1 million price, although Hougan also highlighted risks around slower market growth and bitcoin's adoption.