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In brief
- Bitwise CIO Matt Hougan thinks Bitcoin can get to a price of $1 million as the broader store of value market cap grows.
- The top crypto asset would need to jump more than 14x in order to reach the mark.
- Declining volatility, ETF inflows, and institutional acceptance will help position BTC’s growth as gold and the store of value market cap grows, he argued.
Bitcoin to $1 million per coin? Some “reasonably conservative assumptions” can get it there, Bitwise Chief Investment Officer Matt Hougan said in new market commentary shared Tuesday, despite a long road ahead to that potential milestone.
“When I joined crypto full-time in 2018, I used to hear people say that and laugh. At the time, Bitcoin was around $4,000, and $1 million sounded absurd—even to me,” Hougan wrote.
“I no longer see it that way,” he asserted.
According to the crypto asset manager executive, Bitcoin is an “emerging store of value” asset, and is poised to pull a portion of the global store of value market cap in turn.
“The basic math for estimating its value is straightforward: Estimate the size of the store-of-value market,…
