Bitwise Chief Investment Officer Matt Hougan stated that if Bitcoin captures one-third of the global store of value market in the next 10 years, it could reach approximately $1.3 million per coin. The store of value market, which includes gold, central bank reserves, and savings instruments, has a total size of around $80 trillion. If Bitcoin were to capture 33% of this market, it is estimated to reach a value of about $26 trillion. The limited supply of Bitcoin, capped at 21 million coins, suggests that the effective circulating supply could shrink when lost coins are taken into account, potentially creating upward pressure on prices. Bitwise is among the issuers of the spot Bitcoin ETF product BITB. Since January 2024, spot Bitcoin ETFs have attracted over $50 billion in net inflows. However, the U.S. debt exceeding $35 trillion and central banks testing tokenized reserve models could limit Bitcoin's market share. High volatility and the SEC's lack of clear guidance are also among the obstacles. For Bitcoin exchanges and custodians, this wave of adoption could mean fundamental changes in market structure.
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