Bitcoin could reach $1 million per coin if it continues following the historical growth trajectory of gold, according to the Chief Investment Officer of asset manager, Bitwise.
The comparison hinges on Bitcoin gradually capturing a larger share of the global store-of-value market, a role long dominated by gold.
Matt Hougan, CIO at Bitwise, said the cryptocurrency’s long-term price potential becomes clearer when viewed against gold’s market capitalization and its historical adoption as a monetary asset. If Bitcoin were to match gold’s total market value, the implied price per coin would be roughly $1 million, he said.
“$1 million sounds crazy. It implies Bitcoin will rise 14x from today’s price.
When I joined crypto full-time in 2018, I used to hear people say that and laugh. At the time, Bitcoin was around $4,000, and $1 million sounded absurd – even to me.
I no longer see it that way. As I’ve spent more time studying the asset, I’ve realized that I was making a pretty basic mistake in analyzing Bitcoin’s opportunity.”
EXPERT OPINION | How Bitcoin Gets to $1 Million
“$1 million sounds crazy. It implies Bitcoin will rise 14x from today’s price.
I no longer see it that way.
As I’ve spent more time studying the asset, I’ve realized that I was making a pretty basic mistake in analyzing… pic.twitter.com/P6dGNrVchW
— BitKE (@BitcoinKE) March 11, 2026
Gold’s market cap currently stands at around $15 trillion, while Bitcoin’s market value is only a fraction of that, leaving significant room for expansion if investors increasingly treat the cryptocurrency as a digital alternative to the precious metal.
Hougan cited institutional investment and growth with such instruments as
exchange-traded funds (ETFs),
sovereign wealth funds, and
portfolio allocations
as potential catalysts.
MARKET ANALYSIS | Bitcoin ETFs Represent ~6% of Bitcoin’s Overall Market Cap as of February 2026
Hougan argued that Bitcoin’s fixed supply of 21 million coins and its growing institutional adoption make it well positioned to compete with gold as a global store of value. If the asset continues gaining traction among institutions and sovereign investors, he said, Bitcoin could follow a growth curve similar to gold’s rise over the past several decades.
The Bitwise executive noted that Bitcoin’s path toward such valuations would likely take years and depend on
sustained demand from investors,
regulatory clarity, and
broader integration into global financial markets.
Still, he emphasized that the comparison with gold offers a useful framework for understanding Bitcoin’s long-term potential, suggesting that a seven-figure price per BTC is “plausible” if the asset continues to mature as a macro store of value.
REPORT | 80% of AI Agents Choose Bitcoin as a Long-Term Store of Value
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