Bitwise CIO: If Bitcoin can capture market share from gold and US Treasury bonds, its price could rise to $1 million.

PANews reported on March 15th, citing CoinDesk, that Matt Hougan, Chief Investment Officer of Bitwise Asset Management, stated that Bitcoin could eventually reach $1 million per coin if it can capture a larger share of the global store of value market currently dominated by gold and government bonds. However, the $1 million target is less of a precise prediction and more of a simplified representation of Bitcoin's maturation as a major global monetary asset, the outcome of which depends on long-term institutional adoption and the expansion of the store of value market. Some proponents argue that geopolitical tensions, a potential crisis in traditional "safe" assets, and Bitcoin's fixed supply could all accelerate its rise, but most believe this will take a decade or more, rather than be an imminent event.