Bitwise CIO Matt Hougan Says Bitcoin Could Hit $1M as Store-of-Value Demand Grows

• Matt Hougan says Bitcoin could reach $1M through growing store-of-value demand.

• Bitcoin currently holds under 4% of the global store-of-value market.

• A $121 trillion market could push Bitcoin to $1M with 17% share.

Bitcoin — BTC, often attracts bold price forecasts, yet few carry the weight of institutional analysis. Bitwise Chief Investment Officer Matt Hougan believes a seven-figure valuation remains achievable over time. His reasoning centers on Bitcoin’s role as a store of value. As demand for wealth preservation grows globally, Bitcoin could claim a larger portion of that market. If that shift happens alongside broader market expansion, a $1 million valuation may no longer seem unrealistic.

🚨JUST IN: BITCOIN TO HIT $1 MILLION SAYS TOP ANALYST@Bitwise Chief Investment Officer, Matt Hougan, has doubled down on his belief that $BTC can reach $1 million per coin.

The believes Bitcoin’s use as a store of value is paramount to this.

He highlights that Bitcoin… pic.twitter.com/FyDZCHDoXC

— BSCN (@BSCNews) March 12, 2026

Understanding the Math Behind the $1 Million Target

Matt Hougan argues that many critics overlook one crucial factor when evaluating Bitcoin’s long-term potential. Most analyses assume the store-of-value market remains fixed. In reality, markets that protect wealth often expand during periods of economic stress. Rising government debt, geopolitical instability, and loose monetary policy frequently push investors toward assets that preserve value.

Bitcoin increasingly enters that conversation alongside traditional safe-haven assets such as Gold. Earlier in his career, Hougan rejected the idea of a $1 million Bitcoin valuation. During 2018, Bitcoin traded close to $4,000, and a fourteen-fold increase seemed unrealistic at that time. However, deeper research into Bitcoin’s economic role changed that view. Instead of comparing Bitcoin with payment networks or speculative assets, Hougan began analyzing Bitcoin as a digital store of value.

Current numbers show the global store-of-value market approaching $38 trillion. Gold dominates that category with roughly $36 trillion in value. Bitcoin holds about $1.4 trillion within the same market, leaving the digital asset with less than four percent share. Under those conditions, a $1 million Bitcoin price appears difficult today because such a valuation would require the cryptocurrency to capture more than half of the existing market.

Risks That Could Slow Bitcoin’s Rise

Hougan also recognizes several risks that could disrupt this projection. Future market growth may slow compared with the rapid expansion seen during the last two decades. That period included extraordinary economic events that shaped investor behavior. The global financial crisis reshaped trust in traditional financial institutions, while central banks adopted aggressive stimulus measures to stabilize economies.

Extended periods of low interest rates also pushed investors toward alternative assets. Future monetary conditions may not follow the same pattern, which could reduce demand for certain stores of value. Gold prices could decline if macroeconomic pressure eases, which would shrink the overall size of the store-of-value market.

Another risk involves Bitcoin adoption. The digital asset must continue gaining investor confidence to increase market share meaningfully. Despite those challenges, Hougan still sees strong long-term potential. Growing concern over global debt may drive investors toward independent stores of wealth. As Bitcoin adoption expands and the store-of-value market grows, prices could climb far beyond current levels, bringing the $1 million milestone closer to reality.