Bitcoin could reach $1 million per coin if it captures a larger share of the global store-of-value market, according to Bitwise Asset Management CIO Matt Hougan. He argues that with the global store-of-value market now near $40 trillion-up from $2.5 trillion in 2004-bitcoin’s current 4% share implies significant room for growth.
Hougan estimates that capturing roughly half this market could push bitcoin to $1 million within a decade, especially as the market continues expanding. The forecast hinges not on short-term price swings but on sustained institutional adoption and regulatory clarity.
Analysts agree on the long-term potential but debate timing. Mati Greenspan and Jason Fernandes highlight geopolitical uncertainty and institutional inflows as key drivers. Fernandes notes that bitcoin would need just 17% of a projected $121 trillion market to justify $1 million.
While some like Jack Dorsey and Arthur Hayes see the milestone in five to seven years, most view it as a decade-long journey tied to trust in traditional assets and the evolution of digital scarcity.