Bitwise CIO: Bitcoin's addressable market could surpass gold's $34T as Iran conflict cements its dual currency role

Bitwise CIO Matt Hougan argues Bitcoin's total addressable market may exceed the $34 trillion gold market, pointing to Iran's proposed crypto tolls for Strait of Hormuz passage as proof Bitcoin is becoming an apolitical settlement layer — not just digital gold. Hougan previously modeled 17% store-of-value market capture at $1M per BTC, but says if Bitcoin takes on a dual role as currency and store of value, those targets need revision upward. With 1.5M+ BTC now held by corporations and ~11,000 merchants accepting it globally, the currency use case is no longer theoretical.

TLDR by @Benthic

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