Bitcoin will need 17% of ‘store of value’ market to hit $1M - Bitwise

Bitwise Chief Investment Officer Matt Hougan argues that Bitcoin reaching $1 million per coin is mathematically feasible without overtaking gold. In a March 2026 memo, Hougan notes that while Bitcoin would need 50% of today's $38 trillion store-of-value market to hit that price, the market itself is expanding. If the store-of-value market (currently 96% gold) continues its 13% annual growth rate, it will reach $121 trillion in a decade, meaning Bitcoin would only need a 17% share to reach $1 million.