Hougan anticipates this capital will come from financial advisers, family offices, pension plans, sovereign wealth funds, and other large institutional pools. He notes that a 1% allocation to Bitcoin from these institutions' total assets, which he estimates at $100 trillion to $200 trillion globally, would be sufficient to support his long-term price targets. His forecast for Bitcoin to reach $1.3 million by 2035 is based on it capturing a 25% share of an expanding store-of-value market, similar to gold's growth since 2004.