Analysts weigh in on Matt Hougan’s $1 million bitcoin call

Bitwise CIO Matt Hougan revisited his view that bitcoin could reach $1 million if it captures a much larger share of the global store-of-value market now dominated by gold and government bonds. "One million sounds crazy," Hougan said, noting that the market for defensive assets has grown from roughly $2.5 trillion in 2004 to nearly $40 trillion today and that bitcoin currently represents about 4% of that value.

He argued that if bitcoin captured roughly half of that market under current conditions its price could approach $1 million within roughly a decade, and would need an even smaller share if the overall market keeps expanding. The $1 million forecast has become a recurring theme in the industry, with high-profile figures offering varied timetables.

Eric Trump, Coinbase CEO Brian Armstrong, Jack Dorsey, Arthur Hayes, Cathie Wood and Bernstein have all put forward bullish long-term targets, ranging from a few years to the early 2030s or beyond. Analysts broadly find Hougan’s market-share thesis plausible but debate the timeline.

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