$1 Million Per Bitcoin? Bitwise’s CIO Says It Is Not A “Moonboy” Prediction

bitcoinistPublished on 2026-03-13Last updated on 2026-03-13

Abstract

Bitwise CIO Matt Hougan argues that Bitcoin reaching $1 million is a plausible, mathematically-grounded prediction rather than speculative hype. He bases this on the growth trajectory of the global store-of-value market, which includes assets like gold and real estate and is currently valued at $38 trillion. This market has compounded at 13% annually over 20 years and could reach $121 trillion in a decade. For Bitcoin to hit $1 million, it would need to capture 17% of that market, up from its current 4% share. Institutional adoption, evidenced by record inflows into Bitcoin ETFs and involvement from major funds, supports this momentum. However, the thesis depends on continued market growth and Bitcoin’s ability to gain market share.

Despite being volatile, Bitcoin, the leading cryptocurrency asset, is still believed to hit a whopping $1 million value in the upcoming years. After a period of quiet, a Bitwise executive has reignited discussion regarding this matter after predicting that the asset hitting this level is not as crazy as it seems.

Institutional Case For $1 Million Bitcoin Grows

A popular Bitcoin discussion has been rekindled in the community, and it appears to be taking the spotlight. Matt Hougan, the Chief Information Officer (CIO) of Bitwise, has predicted that the flagship crypto asset could reach the $1 million milestone, a forecast akin to several predictions from major corporate firms.

As reported by Milk Road, a macro analyst and crypto investor, the Bitwise CIO made this audacious forecast in a recently published memo. In the memo, the $1 million per Bitcoin estimate is far from the kind of inflated “moonboy” forecast frequently associated with cryptocurrency mania.

According to Hougan, this thesis is a simple math rather than a moonboy take. The executive claims that most people are getting this thesis wrong by evaluating BTC against a static market. In a market that has been compounding for 20 years, applying a static value is likely to be unsuccessful. However, because the market is weak, most participants are content to do so at the moment.

Instead of characterizing the goal as speculative optimism, Hougan describes how the flow of capital into Bitcoin is gradually changing its long-term perspective. Currently, there is around $38 trillion in the global store-of-value market, which is the pool of money invested in hard assets like gold and real estate with the express purpose of preserving wealth.

Meanwhile, BTC controls a share of 4%, valued at around $1.4 trillion, and that market does not sit still. Over the past 20 years, increased debt, lax monetary policy, and geopolitical tensions have caused gold to rise from $2.5 trillion to $40 trillion. Today, each one of these tailwinds is still active across the broader financial sector.

If the store-of-value market compounds at its average yearly rate of 13%, Milk Road predicts a surge to $121 trillion in the next decade. As a result, Bitcoin needs to grow from 4% to 17% of that market value to reach the $1 million level. “That’s the whole argument, and the momentum is real,” Milk Road added.

Adoption Is Set To Play A Part

During the process, institutional adoption is likely to play a crucial role in BTC’s journey to the $1 million mark. Milk Road highlighted that institutional adoption is not coming; it is already here, which is indicated by the record inflows into the US Spot Bitcoin ETFs. Other indications include the decline in BTC’s volatility, Harvard’s endowment owning BTC, and Abu Dhabi’s Mubadala sovereign wealth fund purchasing it.

After analyzing Hougan’s thesis, Milk Road noted that the executive is being transparent about the risks involved. If the store-of-value market loses steam or Bitcoin does not capture the expected share, the math fails. Therefore, there is no guarantee of the thesis.

BTC trading at $69,992 on the 1D chart | Source: BTCUSDT on Tradingview.com

Related Questions

QAccording to the article, what is the main argument made by Bitwise's CIO for Bitcoin reaching $1 million?

AThe main argument is based on the growth of the global store-of-value market, which is expected to compound at 13% annually to $121 trillion in a decade. Bitcoin would need to capture 17% of this market, up from its current 4%, to reach a $1 million valuation.

QWhat current market trend does the article cite as evidence that institutional adoption of Bitcoin is already happening?

AThe article cites the record inflows into US Spot Bitcoin ETFs, the decline in Bitcoin's volatility, Harvard's endowment owning BTC, and Abu Dhabi's Mubadala sovereign wealth fund purchasing it as evidence of current institutional adoption.

QWhat are the two main risks to Matt Hougan's $1 million Bitcoin prediction, as mentioned in the article?

AThe two main risks are: 1) The store-of-value market losing its growth momentum and not compounding as expected, and 2) Bitcoin failing to capture the projected 17% share of that market.

QHow does the article describe the nature of the $1 million Bitcoin prediction? Is it characterized as a 'moonboy' forecast?

ANo, the article explicitly states that the $1 million prediction is "far from the kind of inflated 'moonboy' forecast" and is instead presented as a thesis based on "simple math" and the changing flow of capital into Bitcoin.

QWhat is the current estimated size of the global store-of-value market and Bitcoin's share of it, according to the article?

AThe global store-of-value market is currently estimated at $38 trillion, and Bitcoin controls a 4% share of it, valued at approximately $1.4 trillion.

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