Bitwise CIO Matt Hougan says bitcoin could reach $30 trillion market cap like gold
Bitwise CIO Matt Hougan compares bitcoin's ETF-driven growth potential to gold's expansion from $2.5 trillion to $30 trillion after its 2004 ETF launch.
Why it matters
The comparison frames bitcoin's post-ETF growth potential using gold's historical precedent, while highlighting that sustained institutional demand through ETFs could tighten available supply. The rising correlation with gold suggests bitcoin may be increasingly viewed as a complementary store-of-value asset.
Key facts
Matt Hougan, CIO of Bitwise Asset Management, said bitcoin could reach a $30 trillion market capitalization by following gold's growth trajectory
30,000,000,000,000 USDReported by Bitcoin.com News
Gold's market capitalization grew from roughly $2 trillion to $2.5 trillion when the first U.S. gold ETF launched in 2004 to about $30 trillion afterward
30,000,000,000,000 USDReported by Bitcoin.com News
Bitcoin's market value was roughly $2 trillion when spot bitcoin ETFs launched in January 2024
2,000,000,000,000 USDReported by Bitcoin.com News
Hougan identified investor behavior as bitcoin's biggest investment risk
Reported by Bitcoin.com News
Bitcoin was trading at $82,766 at the time of the Crypto News article publication
82,766 USDReported by Crypto News (CryptoNews.net)
Bitwise's March 10 memo projected the combined gold-bitcoin store-of-value market could reach approximately $121 trillion within 10 years
121,000,000,000,000 USDReported by Crypto News (CryptoNews.net)
Bitwise data through August 31 showed bitcoin's 90-day rolling correlation with gold above 0.5, its highest level since 2020
0.5 correlationReported by Crypto News (CryptoNews.net)
What happened
Bitwise Asset Management chief investment officer Matt Hougan said bitcoin could follow gold's trajectory to a $30 trillion market capitalization over a 10-year horizon. In an October 9 post on X, Hougan noted gold grew from roughly $2 trillion to $2.5 trillion when the first U.S. gold ETF launched in 2004 to about $30 trillion afterward, while bitcoin stood at roughly $2 trillion when spot bitcoin ETFs launched in January 2024. Hougan identified investor behavior as bitcoin's biggest investment risk, noting that existing holders' sales initially absorb ETF demand but continued buying could exhaust willing sellers. Bitwise data through August 31 showed bitcoin's 90-day rolling correlation with gold above 0.5, its highest level since 2020. In a March 10 memo, Hougan had projected the combined gold-bitcoin store-of-value market could reach approximately $121 trillion within 10 years, with bitcoin needing about 17% of that pool to support a $1 million per coin price.
How the story developed
- Update
Matt Hougan posts comparison of bitcoin and gold ETF trajectories on X
Hougan shares video clip from Simply Bitcoin and reinforces comparison between gold's post-2004 ETF growth and bitcoin's potential post-2024 ETF growth
- First report
First report by Bitcoin.com News
Bitcoin Could Reach $30 Trillion Like Gold, Bitwise CIO Says
- Update
Crypto News syndicates the story with additional context on ETF mechanics and correlation data
Adds details on SEC approval date, ETF structure, Hougan's March memo projection, and Bitwise correlation data through August 31
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 10 Oct 2026, 22:45 UTC: Bitcoin.com News, official — 1 independent source, 1 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Bitcoin Could Reach $30 Trillion Like Gold, Bitwise CIO Says | Original | |
| Crypto News (CryptoNews.net) Aggregator | Bitcoin Could Reach $30 Trillion Like Gold, Bitwise CIO Says | Syndicated |
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