Bitcoin Could Hit $1 Million in a Decade, Says Bitwise CIO

A bold Bitcoin price prediction shakes the crypto world. Could gold's market dominance soon belong to digital assets instead?

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2026 March 11 . 4:01 PM

2 min read

The image shows a white background with a pie chart depicting the crypto-currency market... — The image shows a white background with a pie chart depicting the crypto-currency market capitalizations in 2016. The chart is divided into sections, each representing a different type of cryptocurrency, such as Bitcoin, Ethereum, Litecoin, and Litecoin. The text accompanying the chart provides further details about the capitalizations.

Bitcoin Could Hit $1 Million in a Decade, Says Bitwise CIO

Bitcoin could one day hit a price of $1 million, according to Matt Hougan, Chief Investment Officer at Bitwise Invest. His analysis suggests this milestone may be closer than many think, based on Bitcoin's role in the global store-of-value market. Hougan's shift in perspective comes after years of studying the asset's growth potential compared to gold.

Hougan now believes a $1 million Bitcoin is plausible within a decade. His reasoning centres on the store-of-value market, currently worth around $38 trillion, where gold and Bitcoin dominate. For Bitcoin to reach that price, it would need to capture roughly half of this market—about $1.4 trillion in value today.

His projections assume the entire store-of-value market could expand to $121 trillion over the next ten years. If Bitcoin follows a similar trajectory to gold—which surged from around $400 per ounce in 2002 to over $5,000 today—its price could climb exponentially. Gold's growth, particularly since 2024, serves as a reference: it jumped 65% in 2025 and another 75% in 2026, peaking above $5,000. Hougan also addressed Bitcoin's recent underperformance against gold, attributing it to central banks stockpiling gold rather than Bitcoin. Despite this, he remains optimistic, suggesting the current 'crypto winter' may end sooner than expected. A slower but steadier bull market could follow, making today's prices an attractive entry point. Bitwise Invest, which manages around $15 billion in client assets, operates the fifth-largest Bitcoin spot ETF (BITB). Hougan admitted he once dismissed the idea of a $1 million Bitcoin but now considers it achievable with conservative assumptions.

Hougan's analysis points to Bitcoin's potential to match gold's market dominance over time. If his projections hold, the asset's price could rise dramatically within a decade. For now, he sees current levels as a compelling opportunity for long-term investors.