Bitcoin’s potential as a store-of-value asset now extends beyond the gold market, according to Bitwise CEO Hunter Horsley.
Key Takeaways:
- Bitcoin is now seen as competing with both gold and U.S. Treasuries as a store-of-value asset.
- Bitwise CEO says the $30 trillion Treasury market is part of Bitcoin’s total addressable market.
- Mounting US debt and fiscal instability are driving investor interest toward crypto alternatives.
In a recent post on X, Horsley argued that the $30 trillion U.S. Treasury market, traditionally seen as a safe haven by institutions and bondholders, should also be considered part of Bitcoin’s total addressable market.
“The opportunity for Bitcoin isn’t just gold; it is the $30 trillion-plus using Treasuries as a store of value,” Horsley wrote Friday, adding to growing sentiment that Bitcoin is emerging as an alternative to legacy financial instruments once considered risk-free.
Bitwise CEO: Bitcoin Joins Gold, Silver as Flight-to-Safety Asset
The comment came in response to economist Mohamed El-Erian, who warned that U.S. Treasury flows are no longer a reliable indicator of flight-to-safety behavior.
Instead, El-Erian pointed to gold and silver as the new barometers. But for crypto proponents like Horsley, Bitcoin belongs in that same category, offering protection against inflation, geopolitical instability, and systemic risk.
Recent macro conditions appear to support that shift. Soaring government debt, fiscal deficits, and monetary uncertainty are eroding trust in fiat-based financial instruments.
In the U.S., President Trump’s so-called “Big Beautiful Bill” is expected to add roughly $2.5 trillion to the national deficit, pushing the total debt load toward $37 trillion.
Critics, including tech entrepreneur Elon Musk and former government officials, have raised alarms over the sustainability of current spending levels.
April 2025 saw a sharp bond market correction, as investors reacted to new tariffs and swelling deficits by selling off U.S. government securities.
Amid that flight from bonds, Bitcoin has seen renewed interest from both retail and institutional investors seeking shelter in a digitally scarce asset that isn’t tied to government policy.
The narrative is evolving. Bitcoin is no longer just a hedge against inflation or an alternative to gold, it’s positioning itself as a long-term counterweight to sovereign debt risk.
Asia’s Billionaires Shift From U.S. Dollar to Bitcoin, Gold
Asia’s wealthiest investors are moving away from the U.S. dollar and increasingly turning to Bitcoin, gold, and Chinese assets amid rising geopolitical tensions and market volatility.
In May, UBS executive Amy Lo said that ultra-rich clients now allocate over 15% of their portfolios to crypto and precious metals.
With Asia’s wealth management market expected to grow from $20.7 trillion to $37 trillion by 2029, the trend signals a major realignment in global capital flows.
A 2024 Aspen Digital study found that 76% of Asia’s family offices and high-net-worth individuals now hold digital assets, up from 58% in 2022.
Singapore leads the crypto charge, with over half of wealthy investors planning to increase their holdings in the next two years.
Many have doubled their crypto allocations to over 10% of their portfolios, treating Bitcoin as a hedge similar to gold during past financial crises.
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