TechFlow News, March 11: According to The Block, Bitwise’s Chief Investment Officer Matt Hougan reiterated that Bitcoin’s price could reach $1 million per coin, arguing that Bitcoin is increasingly becoming a competitor to gold in the global store-of-value market.
In a memo released on Tuesday, Hougan stated that the current global store-of-value market size stands at approximately $38 trillion, with gold accounting for roughly $36 trillion and Bitcoin about $1.4 trillion. Bitcoin currently represents only around 4% of this market. He noted that the store-of-value market has grown at an annual compound growth rate of approximately 13% since 2004. If this growth rate continues, the market could reach roughly $121 trillion within the next decade. At that point, Bitcoin would need to capture only about 17% of the market share to achieve a $1 million price per coin.
