Matt Hougan and Saifedean Ammous outline Bitcoin’s potential to rival gold, while Peter Schiff warns investors to exit.
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Key Takeaways
Matt Hougan sees Bitcoin potentially reaching a $30 trillion market value.
Saifedean Ammous argues BTC could eventually surpass gold and become less volatile.
Peter Schiff has urged investors to sell Bitcoin and buy gold instead.
Bitcoin could grow into a $30 trillion asset, according to Bitwise investment chief Matt Hougan, as economist Saifedean Ammous argues its fixed supply could eventually help it overtake gold.
It comes as their bullish arguments face a familiar opponent, with Peter Schiff renewing his warning that investors should abandon Bitcoin, highlighting rising bond yields and political risks.
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Speaking on Simply Bitcoin, Hougan compared Bitcoin’s potential growth with gold’s expansion following the introduction of US gold exchange-traded funds.
He argued that broader institutional access could help Bitcoin become a substantially larger asset.
“I think it could easily do what gold did, which is run up to $30 trillion,” Hougan said.
The Bitwise CIO also forecast a seven-figure Bitcoin price over a longer horizon.
“I think we go north of a million dollars within a decade and I think that’s a pretty conservative bet.”
Hougan’s argument centers on demand from financial advisers and institutional investors exceeding newly mined supply.
In that scenario, prices would need to rise enough to persuade existing holders to sell.
Hougan acknowledged that even a successful long-term outcome would involve significant setbacks.
“The key for investors is that within that there’s a lot of up and down. There’s a lot of bouncing around.”
Ammous Says Bitcoin Could Become Less Volatile Than Gold
In his response to economist Lawrence White, the author of The Bitcoin Standard rejected the argument that Bitcoin’s fixed supply makes it unsuitable as a medium of exchange.
Ammous argues that gold became successful partly because its existing stock was difficult to expand.
Bitcoin, in his view, strengthens that characteristic by eliminating discretionary increases in supply.
“A supply response simply undermines the ability of the money to hold its value to the future. A revaluation response enhances it,” he wrote.
His thesis is that dilution resistance encourages saving.
As more wealth accumulates in Bitcoin, deeper liquidity could make the market less vulnerable to sharp price swings.
“Since bitcoin has invented an even worse supply response, I would expect it to become even less volatile when it matures and becomes larger in market capitalization than gold.”
That is a conditional expectation about a mature Bitcoin market. Ammous did not provide a deadline or attach Hougan’s $30 trillion valuation to his argument.
He also disputed the idea that limited everyday spending means Bitcoin has failed as a medium of exchange.
“Holding bitcoin is using bitcoin as money, and its lack of widespread use as a method of payment is no evidence against its monetization unfolding.”
For Ammous, saving in Bitcoin constitutes monetary demand, even when holders ultimately convert it into another currency for spending.
What Would a $30 Trillion Bitcoin Market Mean?
Using Bitcoin’s maximum supply of 21 million coins, a $30 trillion valuation would imply a price of approximately $1.43 million per BTC.
With fewer coins circulating, the price required to reach that circulating market capitalization would be higher.
It would not require $30 trillion in cash to flow into Bitcoin; market capitalization is the product of the prevailing price and supply.
Nevertheless, sustaining that valuation would require buyers to keep absorbing sales at dramatically higher prices.
Peter Schiff Tells Investors to Sell Bitcoin For Gold
Schiff offered the opposite assessment in an October 14 X post, arguing that BTC’s resilience was difficult to justify.
“I don’t know what’s holding up Bitcoin. With the Democrats about to take Congress and rising inflation and bond yields pricking asset bubbles, the price should be a lot lower by now.”
I don't know what's holding up Bitcoin. With the Democrats about to take Congress and rising inflation and bond yields pricking asset bubbles, the price should be a lot lower by now. Sell your Bitcoin before the bottom drops out of the market and buy gold! https://t.co/CY02g7NyCR
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
