Growing investment in “store-of-value” assets and continued fiat currency devaluation could propel the price of Bitcoin to six figures without the need for the US dollar to collapse, Bitwise chief investment officer Matt Hougan said.

In an Oct. 29 post to X, Hougan addressed a question he’d received from a financial adviser asking whether Bitcoin could reach a value of $200,000 without a US currency collapse.

“When you invest in Bitcoin, you’re actually making two bets at once,” said Hougan in response. Bitcoin (BTC $72,400) will succeed in establishing itself as a “new store-of-value asset,” while governments will continue to “abuse fiat currencies” — something that will naturally result in increased demand for hard assets like BTC.

Hougan said that while the two arguments addressed the original question, they were separate points with potential price outcomes. 

Bitcoin’s total market capitalization of $1.4 trillion is currently around 7%-8% of gold’s $18 trillion market cap, but Hougan said that BTC can “mature” and become worth about half of gold’s total value, making one Bitcoin worth roughly $400,000. 

He added that because governments are currently “abusing” their control over the supply of fiat currencies through money printing, more investors will be inclined to own store-of-value assets.