-
Matt Hougan says Bitcoin could reach $1M through growing store-of-value demand.
-
Bitcoin currently holds under 4% of the global store-of-value market.
-
A $121 trillion market could push Bitcoin to $1M with 17% share.
Bitcoin — BTC, often attracts bold price forecasts, yet few carry the weight of institutional analysis. Bitwise Chief Investment Officer Matt Hougan believes a seven-figure valuation remains achievable over time. His reasoning centers on Bitcoin’s role as a store of value. As demand for wealth preservation grows globally, Bitcoin could claim a larger portion of that market. If that shift happens alongside broader market expansion, a $1 million valuation may no longer seem unrealistic.
🚨JUST IN: BITCOIN TO HIT $1 MILLION SAYS TOP ANALYST@Bitwise Chief Investment Officer, Matt Hougan, has doubled down on his belief that $BTC can reach $1 million per coin.
The believes Bitcoin’s use as a store of value is paramount to this.
He highlights that Bitcoin… pic.twitter.com/FyDZCHDoXC
— BSCN (@BSCNews) March 12, 2026
Understanding the Math Behind the $1 Million Target
Matt Hougan argues that many critics overlook one crucial factor when evaluating Bitcoin’s long-term potential. Most analyses assume the store-of-value market remains fixed. In reality, markets that protect wealth often expand during periods of economic stress. Rising government debt, geopolitical instability, and loose monetary policy frequently push investors toward assets that preserve value.
Bitcoin increasingly enters that conversation alongside traditional safe-haven assets such as Gold. Earlier in his career, Hougan rejected the idea of a $1 million Bitcoin valuation. During 2018, Bitcoin traded close to $4,000, and a fourteen-fold increase seemed unrealistic at that time. However, deeper research into Bitcoin’s economic role changed that view. Instead of comparing Bitcoin with payment networks or speculative assets, Hougan began analyzing Bitcoin as a digital store of value.
Current numbers show the global store-of-value market approaching $38 trillion. Gold dominates that category with roughly $36 trillion in value. Bitcoin holds about $1.4 trillion within the same market, leaving the digital asset with less than four percent share. Under those conditions, a $1 million Bitcoin price appears difficult today because such a valuation would require the cryptocurrency to capture more than half of the existing market.
Risks That Could Slow Bitcoin’s Rise
Hougan also recognizes several risks that could disrupt this projection. Future market growth may slow compared with the rapid expansion seen during the last two decades. That period included extraordinary economic events that shaped investor behavior. The global financial crisis reshaped trust in traditional financial institutions, while central banks adopted aggressive stimulus measures to stabilize economies.
Extended periods of low interest rates also pushed investors toward alternative assets. Future monetary conditions may not follow the same pattern, which could reduce demand for certain stores of value. Gold prices could decline if macroeconomic pressure eases, which would shrink the overall size of the store-of-value market.
Another risk involves Bitcoin adoption. The digital asset must continue gaining investor confidence to increase market share meaningfully. Despite those challenges, Hougan still sees strong long-term potential. Growing concern over global debt may drive investors toward independent stores of wealth. As Bitcoin adoption expands and the store-of-value market grows, prices could climb far beyond current levels, bringing the $1 million milestone closer to reality.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bhutan Sells $18.46M Bitcoin as Price Nears $74k Resistance
The Royal Government of Bhutan transferred approximately 250 BTC worth $18.46 million in the past 24 hours, according to on-chain data from Arkham, continuing a broader pattern of reduced Bitcoin holdings. The transfers included 162 BTC and 69.7 BTC sent to new wallet addresses within a short
CryptoFrontier2m ago
Bitcoin's BIP-361 Quantum Fix Splits Community Over Address Freezing
A proposed Bitcoin improvement to address quantum vulnerability has divided the cryptocurrency community over whether to freeze legacy addresses, including those attributed to Satoshi Nakamoto. The BIP-361 proposal, which went live on April 14, has sparked debate between prominent figures including
CryptoFrontier1h ago
Zonda Exchange Discloses 4,500 BTC Cold Wallet as Private Keys Remain Untransferred
Zonda, a Polish crypto exchange, revealed a cold wallet with 4,503 BTC amid a withdrawal crisis. CEO Przemysław Kral addressed fund misappropriation allegations and promised legal action against false claims, emphasizing that private keys were never transferred due to the former CEO's disappearance.
GateNews1h ago
Ben McKenzie Slams Bitcoin on Jon Stewart Show
Actor Ben McKenzie appeared on The Weekly Show with Jon Stewart on Aug. 14 in a segment titled "The Other Side of Bitcoin: Crypto Corruption," where he delivered a sharp critique of Bitcoin and the broader cryptocurrency industry. McKenzie, known for his film and television work, has become a
CryptoFrontier1h ago
BTC edges up 0.46% in 15 minutes: institutional fund outflows and macro risk-off sentiment in sync drove the move
From 15:00 to 15:15 (UTC) on 2026-04-16, BTC logged a +0.46% return within 15 minutes. The price fluctuated in a range of 73,939.7 to 74,440.0 USDT, with an amplitude of 0.68%. During this time window, market attention increased, short-term volatility intensified, and fund-flow characteristics changed noticeably.
The main driver of this deviation is the continued outflow of large amounts of capital from exchanges. According to on-chain data, in the past 24 hours the net flow was -14,408.84 BTC, mainly concentrated in large transfer ranges of more than $1 million (especially>$10M net outflow -12,987.03 BTC). This shows that institutions and large holders actively reduced their BTC holdings on exchanges, and short-term selling pressure was significantly lowered. Against the backdrop of persistently weak liquidity, with order book depth remaining at a low level for a long time, the price has become more sensitive to medium-sized buy orders—amplifying the impact of even modest inflows on spot market price action.
In addition, macro conditions changed in parallel and produced a synchronized effect: easing geopolitical tensions in the Middle East boosted overall market sentiment. International gold prices rose, global equity markets hit new highs, and the market re-evaluated the probability of the Federal Reserve cutting rates within the year, further increasing investor attention to safe-haven assets (including BTC). At the same time, on-chain data indicates that the “whale” trading activity during this phase is at an annual low (>$1M transfers fell to 1,485 transactions). With heavy market wait-and-see sentiment and limited short-term supply, BTC’s responsiveness to sudden buy-side capital was further enhanced.
Investors should be reminded that current market liquidity is still fragile. Insufficient order book depth increases the market’s sensitivity to large capital movements, and short-term volatility may intensify. Going forward, focus on further shifts in on-chain large-fund flows, changes in price action as it breaks through support or resistance regions, and the risks and opportunities brought by related macro policies and geopolitical developments. Please continue to track key data and stay alert to any sudden shocks during the period of abnormal moves.
GateNews2h ago
Bitcoin Transactions Face 70-Page Tax Filing Burden Annually
According to Nicholas Anthony of the Cato Institute's Center for Monetary and Financial Alternatives, spending Bitcoin on everyday purchases creates an unexpected tax compliance nightmare. The IRS treats Bitcoin as property, not currency, meaning every transaction—even a $5 coffee
CryptoFrontier3h ago
