PANews reported on March 11 that, according to The Block, Bitwise Chief Investment Officer Matt Hougan reiterated in a recent memo that Bitcoin's price is poised to reach $1 million per coin. He pointed out that Bitcoin's long-term potential becomes clearer when viewed as a competitor to gold in the global store of value market. Currently, the global store of value market is worth nearly $38 trillion, of which gold accounts for approximately $36 trillion and Bitcoin for approximately $1.4 trillion, representing less than 4%.

Hougan believes that if the market continues to expand at a compound annual growth rate of approximately 13% over the past 20 years, it could reach approximately $121 trillion in the next decade. At that point, Bitcoin would only need to capture about 17% of the market to achieve a price of $1 million. He believes recent developments support this possibility: the spot Bitcoin ETF has become the fastest-growing ETF in history, institutions such as the Harvard endowment fund and the Abu Dhabi sovereign wealth fund have allocated to the asset, and Bitcoin's long-term volatility has decreased. He acknowledges that risks remain, but also points out that this prediction may still be conservative if concerns about government debt and fiat currency devaluation intensify.