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?
https://i.redd.it/ek1dqyodycog1.png
Posted by human_signals