Bitwise CIO Matt Hougan Sees Bitcoin Hitting $6.5 Million by 2046

TLDR

• Matt Hougan predicts Bitcoin could reach $6.5 million in the next 20 years.
• Bitcoin’s long-term growth is based on global debt growth and currency devaluation.
• Institutional interest and central bank curiosity are expected to rise in the coming years.
• Bitcoin volatility is expected to decrease, aiding institutional adoption.

In a recent interview, Bitwise Chief Investment Officer (CIO) Matt Hougan shared his outlook on Bitcoin’s future. He stated that Bitcoin could reach up to $6.5 million per coin in the next 20 years. This prediction is rooted in the ongoing expansion of global debt, continued money printing, and the devaluation of fiat currencies.

While 2025 saw many cryptocurrencies experiencing significant losses, Bitcoin managed to avoid deeper downturns. The cryptocurrency’s resilience has largely been attributed to steady buying by institutional investors and exchange-traded funds (ETFs).

Despite a challenging 2025, Hougan believes the current market downturn is nearing its end, with Bitcoin expected to trade between $75,000 and $100,000 in the first half of 2026.

A Narrowing Bottom and Market Conditions

Hougan described the current market conditions as a “narrowing bottom,” meaning that the price of Bitcoin has stabilized after significant losses. He noted weak ETF inflows and low retail participation as key features of this phase. According to Hougan, Bitcoin is in a phase of consolidation before it can begin its next upward movement.

“There’s still a lot of Bitcoin for sale around $100,000,” Hougan explained, referring to market positioning. He believes that regulatory clarity and better handling of macroeconomic risks will help Bitcoin break out later in the year.

Although Bitcoin is expected to face some short-term volatility, Hougan emphasized that this phase is important for the long-term health of the market. As institutional interest grows, Bitcoin could eventually find its place as a more stable asset class.

Central Bank Curiosity and Bitcoin’s Role as an Asset

Hougan also addressed the growing curiosity surrounding Bitcoin from central banks. He revealed that Bitwise has engaged in discussions with central banks from various regions. However, these institutions are still focused on understanding the risks and security aspects of Bitcoin, rather than considering full-scale adoption.

In the coming decade or two, Hougan predicts that central banks could start owning Bitcoin. While this may not happen immediately, he sees it as a natural progression as institutions recognize Bitcoin’s unique benefits over traditional assets like gold. Over time, Bitcoin may emerge as a more reliable store of value for central banks, which could further drive its long-term growth.

The Influence of Gold and Decreasing Bitcoin Volatility

Hougan also pointed out the growing influence of gold on Bitcoin’s future. He suggested that the recent surge in gold prices reflects global concerns about fiat currencies and the potential risks of asset seizure. Bitcoin, in his view, could benefit from this trend as investors increasingly turn to it for self-custody and settlement solutions.

As Bitcoin continues to gain acceptance, its volatility is expected to decrease. According to Hougan, the lower volatility will encourage institutional investors to adopt Bitcoin as part of their portfolios. “Bitcoin is now less volatile than Nvidia, a stock many already own,” he mentioned. This shift in perception could help institutional adoption, which in turn could lead to Bitcoin’s broader acceptance as a store of value.

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