Bitwise CIO Warns: $1 Million Bitcoin Price Target Is "Too Conservative"

Bitwise Chief Investment Officer Matt Hougan has issued a stark reassessment of Bitcoin's long-term potential, declaring that the widely cited $1 million price target is "too conservative." His warning challenges the bullish forecasts from industry giants including Binance founder Changpeng Zhao, Ark Invest's Cathie Wood, and MicroStrategy's Michael Saylor, suggesting the leading cryptocurrency's ultimate valuation could far exceed current seven-figure projections.

Why Does The Bitwise CIO Believe Bitcoin Will Hit $1 Million?

In the publication, Hougan compares Bitcoin (BTC) to gold, and calls it “” He highlights how BTC allows people to hold wealth beyond the traditional fiat and banking system. Hougan states that Bitcoin ““

Hougan notes that the store-of-value market is currently worth just under $38 trillion. Godl makes up a majority of the valuation with about $36 trillion. Bitcoin (BTC), on the other hand, represents under 4% of the market, with a valuation of $1.4 trillion. The Bitwise CIO reminds readers that the gold market was worth $2.5 trillion when the first gold ETF was launched in the US in 2004. The US got its first Bitcoin (BTC) ETFs in 2024, and have “” Going by the historical pattern, BTC could see massive price surges in the future.

However, things are not set in stone. Hougan highlights that “” The two past decades saw substantial challenges that have propelled the store-of-value market. A global financial crisis, the invention of quantitative easing, and an extended period of low interest rates greatly helped gold’s price surge. Therefore Bitcoin’s (BTC) growth could be slower than gold’s, as such challenges may not arise in the future.