⸺ Bull case · March 10, 2026 ⸺
Bitwise (Matt Hougan)
Chief Investment Officer, BitwiseInstitution
“Bitcoin could reach $1 million if it captures 17% of a $121 trillion store-of-value market within a decade.”
Price at the call
$69,961
Today
$61,577
Target · within a decade
$1M
Boldness of the call×14.3
Progress to target0.0%
Needs another ×16.2 from today’s $61,577.
If you’d listened
×0.88
-12% since the call
Annualized audacity
30%/yr
required return per year
Skin in the game
64/100
Bitwise is a crypto-only asset manager with BTC funds.
Hougan argues Bitcoin only needs a modest slice of the gold-plus-bonds store-of-value market to reach $1M — a back-of-envelope discount that pencils out to ~$219k present value today.