Bitcoin will need 17% of ‘store of value’ market to hit $1M: Bitwise
Bitcoin doesn’t need to take 50% of gold’s market share to reach one million dollars per coin if one is looking into the next 10 years, argues Bitwise’s Matt Hougan.
Bitcoin needs to make up just one-sixth of the global “store of value” market, currently dominated by gold, to reach $1 million per coin, argues Bitwise chief investment officer Matt Hougan.
In a blog post on Tuesday, Hougan said that most dismiss the lofty forecast for Bitcoin, as it would require Bitcoin to muscle into 50% of gold’s current market value.
However, Hougan said the “mistake” most people are making is ignoring the growth of gold and the broader “store of value” market.