Bitwise's CIO reiterated that Bitcoin has the potential to reach $1 million, stating that it will compete with gold in the global store of value market.

CoinFeed reported on March 11th that, according to The Block, Bitwise Chief Investment Officer Matt Hougan reiterated in a recent memo that Bitcoin's price could reach $1 million per coin. He pointed out that Bitcoin's long-term potential becomes clearer when viewed as a competitor to gold in the global store of value market. Currently, the global store of value market is close to $38 trillion, of which gold accounts for approximately $36 trillion and Bitcoin for approximately $1.4 trillion, less than 4%. Hougan believes that if this market continues to expand at a compound annual growth rate of approximately 13% over the past 20 years, it could reach approximately $121 trillion in the next decade, at which point Bitcoin would only need to capture about 17% of the market share to achieve a price of $1 million.