To Hougan, it points to something larger. In a world where countries have turned financial systems into weapons, he wrote on social media, Bitcoin is emerging as an option that no single government controls.
A $1 Million Price Target — And Possibly Higher Hougan previously put a number on his store-of-value thesis: if Bitcoin captures 17% of that market over the next decade, each coin could be worth $1 million.
Based on his latest comments, that figure may need to be revised upward if Bitcoin begins functioning like a currency alongside its role as a savings vehicle.
Corporate treasuries have also been buying in. Data shows private and public companies collectively hold more than 1.5 million Bitcoin, valued at over $116 billion.
Still, the currency side of the equation has ground to cover. A study by academic publisher Springer Nature found roughly 11,000 merchants worldwide currently accept Bitcoin as payment — a relatively modest number for an asset of its size.
Adoption has been strongest in countries where local currencies have collapsed. Citizens in Turkey and Venezuela, like those in Argentina, have turned to Bitcoin to protect savings against persistent inflation.
Whether Iran’s crypto toll proposal signals a turning point for Bitcoin as an international currency — or simply reflects one sanctioned nation finding a workaround — remains to be seen. What’s clear is that Bitwise believes the story is bigger than gold alone.
Featured image from Meta, chart from TradingView
