‘Bitcoin Can Reach $1 Million,’ Says Bitwise as the War Performance Shatters BTC Glass Ceiling

The battle lines in the Middle East are shifting how the world views digital money. Bitwise executive Matt Hougan explained that the recent jump in Bitcoin (BTC-USD) is no accident. He believes the coin is moving beyond its old label to prove it “might act like a traditional currency,” and because of this shift, he suggests “Bitcoin can reach $1 million” by capturing a fraction of the global market.

War Performance Shatters the Digital Gold Glass Ceiling

While many expected the coin to drop during a time of war, it has done the exact opposite. It is currently beating out every other major asset as a safe place for cash.

Since the conflict began on February 28, Bitcoin has climbed 12.25%, while gold (CM:XAUUSD) has dropped by over 8%. Hougan says this strength comes from the war itself. He notes that investors are making two bets at once. The first is that the coin will compete in the $38 trillion store of value market. The asset could hit that seven-figure milestone if it takes just 17% of this space over the next ten years. However, the second wager holds even more potential.

Iran Toll System Changes the Playing Field

The decision by Iran to demand crypto payments for ships passing through the Strait of Hormuz has turned a theory into reality. This move shows that nations are looking for a way to trade without using the dollar.

Hougan had previously viewed the idea of Bitcoin as a daily currency as a speculative long shot. However, the weaponization of banking systems has changed his mind. He notes that “in a world where countries have weaponized their financial rails, Bitcoin is emerging as an apolitical alternative.” The probability of the coin functioning as a real currency has jumped. The Iran toll system has proven that the asset can be used for trade when traditional banks are blocked.

Bigger Targets Loom as Use Cases Double

The market is starting to realize that the potential for this asset is much larger than just being a digital version of gold. If it takes on a role in global trade, the current price predictions will likely be too low.

We have spent years thinking of the asset only as a way to save money. But the current crisis shows it has a dual purpose. Hougan states that “if Bitcoin starts to take on a dual role as both a store of value (like gold) and an actual currency (like the dollar), we may need to revise our targets higher.”

Essentially, the coin’s ability to stay strong during geopolitical tension makes it a top choice for those looking for a neutral financial tool. What started as a store of value may soon become the world’s most important payment network.

At the time of writing, Bitcoin’s price is sitting at $74,517.11.