Bitwise's chief investment officer says $500,000 per coin is the right dividing line between early and late bitcoin, with the gold market now at $18 trillion and bitcoin at about $2 trillion. That makes the store of value market about $20 trillion. When bitcoin matures, it will at least split the market with gold. There are about 20 million bitcoins today, and the remaining 1 million will be issued over the next century, so when bitcoin reaches $500,000, it will have half of the market. Today, governments hold about 20% of the world's gold reserves, compared to less than 2% of all bitcoin. For bitcoin to approach the $500,000 price point, we need to see that gap close. We have already seen some progress. Perhaps the biggest example here is the plan by US Senator Cynthia Lummis, Republican of Wyoming, for the US to build a national bitcoin reserve with the goal of using government funds to buy more than $80 billion worth of bitcoin. If we start to see this happen, $500,000 bitcoin is fully within reach.