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Bitcoin’s addressable market could eventually exceed the $34 trillion gold market if it becomes widely used as both a currency and a store of value, according to Bitwise chief investment officer Matt Hougan.
Hougan said on Tuesday that while Bitcoin has often been viewed as a contender to gold, the war in Iran has illustrated how Bitcoin can also function in a “currency-like manner.” He pointed to Iran’s proposed plan to charge a toll that could be paid in crypto for ships navigating the Strait of Hormuz.
“In a world where countries have weaponized their financial rails, Bitcoin is emerging as an apolitical alternative,” Hougan said.
He added that the broader use case could expand Bitcoin’s market beyond gold alone, saying it “tells you that Bitcoin's total addressable market is probably a lot bigger than the… gold market alone.”
Hougan previously predicted that if Bitcoin captures even 17% of the store-of-value market over the next decade, it could reach $1 million per coin. He said taking on a role as an international currency would likely push the potential higher.
Private and public companies collectively hold more than 1.5 million Bitcoin.
Bitcoin has also grown as a payment method. Springer Nature, using BTC Map data, identified about 11,000 merchants globally that currently accept Bitcoin as a form of payment.

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