The debate around Bitcoin (BTC) reaching the $1 million level has resurfaced in the crypto market. According to Bitwise Chief Investment Officer Matt Hougan, such a milestone largely depends on Bitcoin capturing a bigger share of the global store-of-value market. Currently dominated by gold and government bonds, this market has expanded from about $2.5 trillion two decades ago to nearly $40 trillion today, while Bitcoin represents only around 4% of that total.
Hougan argues that if Bitcoin manages to secure a significantly larger portion of this market, its price could approach $1 million within the next decade. In his view, Bitcoin’s long-term upside is less about short-term market cycles and more about its growing role as a global store-of-value asset.
Several prominent figures in the industry share similar views. Coinbase CEO Brian Armstrong previously suggested that Bitcoin could reach $1 million by 2030, while Block founder Jack Dorsey believes the milestone might arrive within five years. Former BitMEX CEO Arthur Hayes has pointed to 2028 as a possible timeline. Ark Invest has offered an even more bullish outlook, estimating Bitcoin could climb to $3.8 million by the end of the decade.
Analysts note that continued institutional adoption, geopolitical tensions, weakening confidence in traditional safe-haven assets and Bitcoin’s fixed supply could all support its long-term growth. However, most experts agree that reaching the $1 million mark would likely require years of gradual adoption rather than a sudden price surge.
