More than 87% of Argentines Surveyed In a January Coinbase survey, they said they view cryptocurrency and blockchain technology as a way to boost their financial independence — a sign that Bitcoin’s role in the global economy may actually be shifting far beyond what markets have priced it in.
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Bitcoin’s dual role is attracting new attention
Matt Hogan, chief investment officer at Bitwise, made the issue public this week. He said Bitcoin It could one day have a total addressable market larger than gold’s $34 trillion valuation — but only if it can serve as a store of value and an actual currency.
This is a bigger claim than what Bitcoin bulls have traditionally made. For years, comparison with gold was the main argument. Now, a war It adds a new layer to that conversation.
– Matt Hogan (@Matt_Hougan) April 14, 2026
Iran has proposed allowing ships passing through the Strait of Hormuz to pay fees Toll in encryption. The plan was reported in recent days amid a surge conflict With the United States, it is closely watched by Bitcoin investors.
For Hogan, it points to something bigger. He wrote on social media that in a world where countries have weaponized financial systems, bitcoin is emerging as an option that is not controlled by any single government.
The target price is $1 million – perhaps higher
Hogan previously put a number on his store of value thesis: If Bitcoin captures 17% of that market over the next decade, each coin could be worth $1 million.
Based on his recent comments, this number may need to be revised upwards if Bitcoin begins to serve as a currency alongside its role as a means of savings.
At the time of writing, Bitcoin is trading $74,150The total market value is about $1.4 trillion. In comparison, gold is priced at $4,854 per ounce, with an estimated market value exceeding $33 trillion.
Corporate Treasuries were also bought. Data indicate that private and public companies collectively own more than 1.5 million Bitcoin, worth more than $116 billion.
Merchant approval is still a work in progress
However, the currency side of the equation still has ground to cover. A study by academic publisher Springer Nature found that roughly 11,000 merchants worldwide currently accept bitcoin as payment — a relatively modest number for an asset of this size.
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Adoption was strongest in countries where local currencies collapsed. Citizens in Türkiye and Venezuela, like those of Argentina, have turned to Bitcoin to protect their savings from ongoing inflation.
It remains to be seen whether Iran’s cryptocurrency tariff proposal signals a turning point for Bitcoin as an international currency — or simply reflects a sanctioned country finding an alternative solution. What is clear is that Bitwise believes the story is bigger than gold alone.
Featured image from Meta, chart from TradingView
