Bitwise CIO says $1M Bitcoin isn’t crazy if you look at the store-of-value market
 | Bitwise CIO Matt Hougan recently made an argument for a $1M BTC price target that I thought was interesting. His point is that most people dismiss the idea because they look at Bitcoin in isolation. But BTC is really competing with the global store-of-value market, which is estimated around $38T and dominated by gold. Bitcoin has a fixed supply of 21M coins. If it captures even a meaningful share of that market over time, the math starts to look different. Hougan actually said he used to think the $1M target sounded ridiculous too, but changed his mind after looking at the bigger picture. Do you model BTC against gold and the store-of-value market, or something else? [link] [comments] |
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