Bitcoin could attract trillions of dollars from institutional investors over the next decade as it becomes a mainstream financial asset for professional allocators, Bitwise Chief Investment Officer Matt Hougan told CoinDesk. He said financial advisers and family offices are likely to lead early large-scale allocations, a trend he said is already showing up in 13F filings (quarterly U.S. holdings reports) for spot Bitcoin ETFs and in steps by Morgan Stanley and Wells Fargo to broaden client access. Hougan expects the shift to extend over more than 10 years and eventually draw capital from foundations, endowments, pension plans, insurance companies, sovereign wealth funds and central banks. He said those groups control between $100 trillion and $200 trillion globally, and that even a 1% allocation to Bitcoin would support his long-term outlook. Hougan's $1.3 million Bitcoin target for 2035 assumes Bitcoin captures 25% of a growing store-of-value market, where assets are held primarily to preserve wealth. He said gold's market capitalization rose from about $2 trillion when gold ETFs launched in 2004 to roughly $30 trillion today, and that if the market continues expanding at its historical 13% annual pace for another decade, Bitcoin reaching a quarter of it would imply a $1.3 million price per coin. Hougan added that while Strategy, the world's largest corporate holder of Bitcoin with 842,138 BTC, has been one of the biggest buyers for years, he no longer sees it as the main force behind future demand.