According to Hunter Horsley, CEO of Bitwise, Bitcoin’s role as a store-of-value asset is expanding and now competes not just with gold, but also with U.S. Treasuries.
Key Insights:
Bitcoin is increasingly viewed as a competitor to both gold and U.S. Treasuries for those seeking value retention.
Horsley indicates that the $30 trillion treasury market is an integral part of Bitcoin’s potential market reach.
Growing U.S. debt and economic uncertainty are fueling a trend of investors seeking crypto alternatives.
In a recent comment on X, Horsley highlighted that the $30 trillion U.S. Treasury market—which has long been a cornerstone for institutional investors and bondholders—should also be factored into the potential market for Bitcoin.
Horsley stated, “The opportunity for Bitcoin isn’t just gold; it is the $30 trillion-plus using Treasuries as a store of value.” His remarks resonate with a rising perspective that Bitcoin is positioning itself as a viable alternative to traditional, less risky financial instruments.
Bitwise CEO: Bitcoin Emerges as a Safety Asset Alongside Gold and Silver
This statement was prompted by economist Mohamed El-Erian, who cautioned that flows into U.S. Treasuries are no longer a dependable measure of flight-to-safety conduct among investors.
El-Erian advocated for gold and silver to be viewed as contemporary indicators of safety. However, proponents of cryptocurrency, including Horsley, assert that Bitcoin also merits inclusion in this category due to its hedging attributes against inflation, geopolitical uncertainties, and systemic financial risks.
Current macroeconomic factors seem to validate this transition. Soaring government debt levels, along with fiscal deficits and ambiguous monetary policies, have diminished confidence in traditional fiat assets.
For instance, the anticipated “Big Beautiful Bill” proposed by President Trump is projected to add approximately $2.5 trillion to the national deficit, thrusting the total debt close to $37 trillion.
This has drawn criticism from various quarters, including entrepreneur Elon Musk and former officials, who express deep concerns regarding the sustainability of such spending practices.
The opportunity for Bitcoin isn’t just gold.
It’s the $30T+ using Treasuries as a store of value. https://t.co/xOHG2NkPg0
— Hunter Horsley (@HHorsley) June 13, 2025
April 2025 experienced a notable correction in the bond market as investors divested U.S. government securities in response to rising tariffs and expanding deficits.
During this wave of bond sell-off, Bitcoin has garnered renewed interest from both retail and institutional investors seeking refuge in a digital asset characterized by scarcity, independent of government intervention.
The prevailing narrative appears to be shifting. Bitcoin is evolving beyond its role as an inflation hedge or a mere alternative to gold; it is now establishing itself as a robust counterbalance to the risks associated with sovereign debt.
Asia’s Wealthy Shift Focus from U.S. Dollar to Bitcoin and Gold
In Asia, affluent investors are increasingly distancing themselves from the U.S. dollar, favoring Bitcoin, gold, and Chinese investments amid heightened geopolitical tensions and market instability.
In May, Amy Lo from UBS noted that ultra-high-net-worth clients are now allocating over 15% of their portfolios to cryptocurrency and precious metals.
With projections indicating that Asia’s wealth management sector will grow from $20.7 trillion to $37 trillion by 2029, this trend suggests a significant realignment in global capital distribution.
A 2024 study by Aspen Digital revealed that 76% of Asia’s family offices and high-net-worth individuals now possess digital assets, an increase from 58% in 2022.
Leading this transition, Singapore has emerged as a hub for cryptocurrency investment, with over half of wealthy investors intending to bolster their holdings within the next two years.
Many investors have doubled their cryptocurrency investments, allocating over 10% of their portfolios to Bitcoin, perceiving it as a modern hedge similar to that of gold during past financial crises.
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