Bitwise Chief Investment Officer Matt Hougan has posited that Bitcoin's total addressable market has the potential to surpass the massive $34 trillion gold market if the cryptocurrency evolves to serve a dual role as both a store of value and a functional global currency. Hougan made these remarks on Tuesday, highlighting recent geopolitical tensions as a catalyst for this expanded vision.
Hougan pointed specifically to Iran's proposed plan to charge a toll payable in cryptocurrency for ships navigating the strategic Strait of Hormuz. "In a world where countries have weaponized their financial rails, Bitcoin is emerging as an apolitical alternative," Hougan said. "It tells you that Bitcoin's total addressable market is probably a lot bigger than the… gold market alone." This development underscores Bitcoin's potential to operate outside traditional, politically-influenced banking systems.
The CIO reiterated a previous prediction that if Bitcoin captures just 17% of the store-of-value market over the next decade, its price could reach $1 million per coin. However, he noted that taking on an international currency role would likely push valuations even higher. "If Bitcoin starts to take on a dual role as both a store of value, like gold, and an actual currency, like the dollar, we may need to revise our targets higher," Hougan stated.
Current market data shows a significant gap between the two assets. According to CoinGecko, Bitcoin is trading around $74,500 with a market capitalization of roughly $1.4 trillion. In contrast, gold trades at approximately $4,854 per ounce, commanding an estimated market cap of over $33.7 trillion.
The analysis notes that Bitcoin is already functioning as a store of value in high-inflation economies like Argentina, Turkey, and Venezuela. A January Coinbase survey found that 87% of Argentinians see crypto and blockchain as a path to greater financial independence, with nearly three-quarters viewing it as a solution to inflation. Furthermore, corporate adoption is growing, with BitBo data showing that private and public companies collectively hold more than 1.5 million Bitcoin, valued at over $116 billion.
Beyond investment, Bitcoin is gaining traction as a payment method. Research from academic publisher Springer Nature, using BTC Map data, identifies about 11,000 merchants globally that currently accept Bitcoin. Despite ongoing geopolitical volatility since late February 2026, Bitcoin has demonstrated resilience, maintaining a price above $60,000 and trading within a firm consolidation range between $60,000 and $75,000, reinforcing its status as an apolitical safe-haven asset.
