Bitcoin to $1 million? 👁️
@Bitwise CIO @Matt_Hougan reiterates that price target and explains how bitcoin could get there 👇
Bitcoin is "increasingly competing" with gold as a store-of-value asset.
The store-of-value market today is under $38 trillion ($36 trillion gold + $1.4 trillion bitcoin).
Bitcoin currently holds just about 4% of that market.
The gold market grew from $2.5 trillion in 2004 to nearly $40 trillion today.
That equals a compound annual growth rate of 13% per year.
If the market grows at a similar pace, it could reach ~$121 trillion in 10 years.
In that case, bitcoin would need about 17% of the market to reach $1 million per coin.
That expected increase from 4% to 17% "feels well within reach," Hougan said.