Bitcoin could reach a price of $1 million per coin within the next decade if it captures about 17% of the global store of value market, according to analysis from Bitwise Asset Management. The firm argues that many critics underestimate Bitcoin’s potential because they assume it must take half of gold’s market share to reach that milestone.
The assessment highlights that the broader store of value market largely dominated by Gold has expanded steadily over the past two decades. Since 2004, gold’s total market value has grown from roughly $2.5 trillion to around $38 trillion, reflecting annual growth of about 13%.
Gold Market Expansion Could Lift Bitcoin’s Long-Term Valuation
If the store-of-value market continues growing at a similar pace, it could reach approximately $121 trillion over the next ten years. In that scenario, Bitcoin would only need to secure about one-sixth of the market to achieve a $1 million valuation per coin.
Supporters of the forecast point to increasing institutional participation, including exchange-traded funds and sovereign wealth funds, as well as growing portfolio allocations to digital assets.
Bitcoin and Gold Market Divergence
Despite long-term optimism, Bitcoin has recently diverged from gold’s price trend. Gold reached a record high above $5,300 per ounce earlier this year, while Bitcoin remains roughly 44% below its October peak.
Investor Ray Dalio has argued that gold remains a stronger long-term store of value, noting that central banks continue accumulating gold rather than Bitcoin.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.