Bitwise CIO Matt Hougan has projected a $1 million price target for Bitcoin, describing it as a conservative estimate. Hougan's analysis, shared on March 19, 2026, is based on the expanding $40 trillion store-of-value market, driven by increasing government debt. Currently, Bitcoin holds a 4% share of this market, but Hougan suggests that if Bitcoin's dominance grows to 15% by 2035, it could achieve the million-dollar valuation. This represents a potential 20x return, a figure he notes is rarely seen in traditional stocks or bonds.