ChainThink report, March 15: According to CoinDesk, Bitwise Chief Investment Officer Matt Hougan reiterated this week his $1 million price target for Bitcoin, highlighting in his latest report that Bitcoin’s long-term upside hinges on the share it can capture within the global store-of-value market.

Hougan noted that the global store-of-value market—encompassing defensive assets such as gold and government bonds—has expanded from approximately $2.5 trillion in 2004 to nearly $40 trillion today, while Bitcoin currently accounts for only about 4% of this space. If Bitcoin were to capture roughly half of this market under current conditions, its price could approach $1 million within approximately a decade. He acknowledged: “$1 million sounds insane—it implies Bitcoin must appreciate 14-fold from its current price.”

Several analysts endorse this trajectory, though they diverge on timelines. Mati Greenspan, founder of Quantum Economics, stated: “Geopolitical tensions strengthen Bitcoin’s narrative; investors seeking neutral stores of value during uncertain times are increasingly positioning Bitcoin alongside gold in this category.” However, he believes achieving this target may take ten years or longer, contingent on sustained institutional adoption and regulatory clarity. Nima Beni, founder of Bitlease, argues that if confidence in traditional “safe” assets collapses—such as through a sovereign debt crisis or disruption to the gold market—the timeline for Bitcoin to reach $1 million could accelerate significantly.