Bitcoin (CRYPTO: BTC) has the potential to reach $1 million by 2035, says Bitwise CIO Matt Hougan, but only if store of value market continues to grow the same manner for the past 20 years.

Path To $1 Million

In an Apr. 17 interview with CoinDesk, Hougan said Bitcoin is entering a long-term institutional adoption phase, driven by ETF growth, geopolitical instability and rising demand for "digital gold."

He estimates Bitcoin could reach seven-figure valuations if it captures 15%–17% of the global store-of-value market, up from roughly 6% today.

Under that scenario, long-term price targets could extend even further, toward $1 million–$2 million.

Hougan also argued that Bitcoin's recent resilience reflects a shifting global environment, where fragmentation and uncertainty are increasing demand for neutral, non-sovereign assets.

Macro And "Shock Events"

Rather than relying on constant instability, Hougan said periodic "shock events," such as wars or financial crises, can accelerate adoption by highlighting Bitcoin's utility as both a store of value and a settlement asset.

Despite the bullish outlook, Hougan pointed to several key risks and variables like regulatory clarity, particularly developments around the CLARITY Act.

Emerging threats like quantum computing (though considered manageable) and broader evolution of crypto infrastructure, including tokenization and Layer-1 ecosystems

He also noted that if Bitcoin breaks above $75,000 while funding rates remain negative, it could trigger a sharp upside move due to positioning imbalances.

Hougan struck an optimistic tone for the near term, suggesting crypto markets could see a strong second quarter if regulatory progress materializes which he believes will be approved before mid-terms.

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