Bitcoin Price Prediction from Bitwise CIO Matt Hougan

According to Hougan, Bitcoin is poised for a significant rise, potentially crossing the $1 million mark by 2029.

Hougan views BTC as a digital alternative to gold, a market valued at nearly $20 trillion.

Targeting Trillions: Bitcoin’s Long-Term Potential

He also sees Bitcoin playing a crucial role in cross-border transactions, another multi-trillion-dollar space. With Bitcoin’s supply permanently capped at 21 million coins, Hougan believes the math points to a much higher price in the years ahead.

In the short term, Hougan highlights a powerful supply-demand imbalance. Bitcoin’s annual production is around 160,000 coins, while demand from new spot Bitcoin ETFs is soaking up approximately 500,000 coins per year.

According to Hougan, this mismatch means something has to give — and that something will likely be the price, breaking through resistance and moving significantly higher.

Institutional Adoption Could Fuel the Next Wave

Hougan also emphasized Bitcoin’s growing importance in institutional portfolios. Although pension funds and other major investors move slowly — often requiring months of due diligence and consulting — he noted that some have already started allocating to Bitcoin.

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He stressed that with the total crypto market nearing $3 trillion, having no exposure is effectively taking a short position. Allocating just 1-2% to Bitcoin isn’t aggressive; it simply brings portfolios to neutral. As institutions become more comfortable with this idea, Hougan expects Bitcoin allocations to rise steadily, providing additional fuel for long-term growth.

In Hougan’s view, Bitcoin’s journey to $1 million will be driven by its fundamental value proposition, market dynamics, and increasing institutional acceptance — a combination that could transform the crypto landscape by the end of the decade.

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