Hougan said the outlook for Bitcoin depends on the continued growth of the global store-of-value market. He noted that the past two decades included several unusual economic events. Those events included the global financial crisis, the introduction of quantitative easing, and a long period of low interest rates.
Future conditions may differ from those trends. If the store-of-value market slows or contracts, gold prices could decline. also faces the possibility of failing to gain additional market share. Still, Hougan said projections could also prove conservative if economic pressures intensify.
Rising concerns about government debt could accelerate demand for store-of-value assets.
In that environment, he said Bitcoin could claim a larger share of the market. As the debate continues, one central question remains: could Bitcoin eventually compete directly with gold in the global store-of-value market?