Bitwise CIO Matt Hougan outlines a path for Bitcoin to reach $1,000,000

On March 16, 2026, Bitwise Asset Management CIO Matt Hougan said Bitcoin could reach $1,000,000 per coin under what he called “reasonably conservative assumptions.” He argues Bitcoin is best modeled as a digital store-of-value competing mainly with gold, and that the key variable is whether the broader store-of-value market continues expanding. Hougan estimates the market is just under $38 trillion today and could reach about $121 trillion within the next decade, which would reduce the share Bitcoin needs to hit $1 million to around 17%.