Bitcoin’s potential market could surpass gold’s $34 trillion valuation if it fulfills a dual role as both a store of value and a global currency, according to Bitwise Chief Investment Officer Matt Hougan. He cited Iran’s proposed crypto toll plan for the Strait of Hormuz as an example of such utility. Current data shows over 1.5 million BTC held in corporate treasuries and growing merchant adoption, with approximately 11,000 businesses worldwide now accepting Bitcoin for payments.
A senior investment executive has outlined Bitcoin’s potential to eclipse the gold market. Bitwise CIO Matt Hougan stated Bitcoin could exceed gold’s $34 trillion market if developed as both a store of value and a global currency, pointing to Iran’s “Carte Rouge” project for a crypto-based Strait of Hormuz toll as a live use case. Hougan previously noted a $1 million per coin price was possible if Bitcoin captured 17% of the store-of-value market within a decade.
“Should Bitcoin start to perform this double function of being a store of value like gold and at the same time a currency, like the dollar, then probably we will have to set our target prices even higher,” he said. As of Wednesday, gold trades near $4,850 an ounce with a market capitalization above $33.7 trillion, while Bitcoin trades around $74,500 with a market cap of about $1.4 trillion, according to CoinGecko.
Adoption is growing in economies facing high inflation and within corporate strategies. A January survey by Coinbase found approximately 87% of Argentinians view crypto and blockchain positively. Data reveals that companies hold over 1.5 million BTC, valued at more than $116 billion, within their treasury reserves.
Bitcoin’s utility is also expanding as a payments network. Citing data from BTC Map, approximately 11,000 merchants worldwide now accept Bitcoin. Projects like Iran’s proposed toll mechanism demonstrate how entities can use decentralized crypto networks when traditional financial systems are inaccessible.
