Bitwise CIO: Bitcoin Could Hit $1M if it Tracks Gold
Bitwise CIO Matt Hougan argues Bitcoin could reach $1 million if it captures 17% of the growing 'store of value' market currently led by gold.Summary
Bitwise CIO Matt Hougan suggests Bitcoin could reach $1 million if it captures 17% of the global “store of value” market, currently dominated by gold. He argues that the market often underestimates the growth of both gold and the broader “store of value” market, which has grown at 13% annually since 2004. If this growth continues, the market could reach $121 trillion in 10 years, requiring Bitcoin to reach only $1 million to capture a 17% share. Hougan points to increasing institutional investment as a potential catalyst. However, recent market trends show Bitcoin diverging from gold, with gold reaching all-time highs while Bitcoin has fallen from its peak, leading some, like Ray Dalio, to question its viability as a long-term store of value.
(Source：Cointelegraph)