The cryptocurrency markets are seeing some strength after a disappointing start to the year, with Bitcoin (BTC) pushing back above $75,000 and falling nearly 6% on the day. However, it has since slipped back to the $73,000 range. Analyst, Jeff Hougan, who leads investment strategy at Bitwise, argues that a $1-million valuation is unrealistic due to the rapid growth of gold's market cap, which has grown from $2.5 trillion in 2004 to nearly $40 trillion today. Hougan also noted several structural shifts in Bitcoin adoption among institutional investors and suggested that allocations are evolving as volatility declines. Despite this, there is a risk that these projections are too conservative due to rising concerns about government debt and fiat currency debasement.