Bitwise projects Bitcoin reaching $1.6 million by 2036, contingent on capturing 25% of store-of-value market from gold

Bitwise projects Bitcoin (BTC) will reach $1.6 million by 2036, driven by the cryptocurrency capturing 25% of the store-of-value market currently dominated by gold. The model sizes the total store-of-value market at $109.8 trillion by 2036, with Bitcoin's share dependent on its penetration rate. Bitcoin's 90-day correlation with gold hit a record 0.58 in September, suggesting growing linkage between the two assets. The firm's base case assumes Bitcoin's store-of-value market share will grow from 5% today to 25% by 2036, while a bear case scenario where gold retains dominance yields only $130,686 by 2036.