Bitcoin’s Real Rival: US Treasuries, Says Bitwise CEO
Bitwise CEO Hunter Horsley argues Bitcoin’s biggest competition isn’t gold—but the $30T US Treasury market as an apolitical store of value.
- Bitwise CEO says Bitcoin challenges the $30T Treasury bond market.
- Geopolitical tension and debt fuel demand for alternative stores of value.
- Bitcoin seen as apolitical, like gold—but with broader appeal.
Bitcoin’s True Competition: Bonds, Not Just Gold
Hunter Horsley, CEO of crypto asset manager Bitwise, believes Bitcoin is not just a digital version of gold—it’s much more. According to Horsley, Bitcoin’s real competition is the U.S. Treasury bond market, a massive $30 trillion asset class traditionally seen as the safest place to store capital.
Unlike gold, which investors often see as a hedge against inflation, Treasuries are widely used by governments, institutions, and central banks. That makes them a political instrument—something Bitcoin is not.
Fiscal Stress Drives Interest in Bitcoin
As the U.S. debt nears $37 trillion and global political tensions rise, Horsley sees these trends weakening trust in government-backed assets like bonds. Investors are starting to look for alternatives—something neutral and independent of political influence.
Bitcoin, he argues, is emerging as a key option. It’s decentralized, scarce, and digitally native. While gold has historically filled this role, Bitcoin is now absorbing some of that demand thanks to its programmable, borderless nature.
Apolitical Assets for a New Era
Horsley notes that both Bitcoin and gold are “apolitical” stores of value. But Bitcoin’s digital infrastructure gives it a unique edge, especially in a world increasingly shaped by software and data. Unlike bonds, which are tied to government policy and interest rates, Bitcoin operates independently—making it a tool for those seeking security outside of political systems.
As market confidence in traditional financial systems continues to be tested, Bitcoin could gain more ground as a preferred long-term reserve asset.
Alt Texts for Article Images
- “Illustration of Bitcoin overshadowing US Treasury bonds”
- “Digital gold comparison: Bitcoin and a bar of gold side by side”
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