Forget Gold, Bitcoin Is Targeting the $30 Trillion Bond Market as Well: Bitwise CEO

According to Bitwise CEO Hunter Horsley, Bitcoin’s potential as a store-of-value asset now surpasses the gold market.

Key Takeaways:

• Bitcoin is increasingly viewed as a competitor to both gold and U.S. Treasuries in the realm of store-of-value assets.
• Bitwise’s CEO asserts that the $30 trillion Treasury market is included in Bitcoin’s total addressable market.
• Growing U.S. debt and fiscal uncertainty are prompting investors to explore crypto alternatives.

In a recent post on X, Horsley contended that the $30 trillion U.S. Treasury market, which has historically been regarded as a safe haven by institutions and bondholders, should also be recognized as 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 stated on Friday, contributing to the increasing belief that Bitcoin is becoming a viable alternative to traditional financial instruments once deemed risk-free.

Bitwise CEO: Bitcoin Joins Gold, Silver as Flight-to-Safety Asset

This remark was made in response to economist Mohamed El-Erian, who cautioned that U.S. Treasury flows can no longer be relied upon as a dependable indicator of flight-to-safety behavior.

Instead, El-Erian highlighted gold and silver as the new indicators. However, for crypto advocates like Horsley, Bitcoin fits into that same category, providing a safeguard against inflation, geopolitical instability, and systemic risk.

Current macroeconomic conditions seem to support this transition. Rising government debt, fiscal deficits, and monetary uncertainty are diminishing confidence in fiat-based financial instruments.

In the U.S., President Trump’s so-called “Big Beautiful Bill” is anticipated to increase the national deficit by approximately $2.5 trillion, bringing the total debt burden closer to $37 trillion.

Critics, including tech entrepreneur Elon Musk and former government officials, have expressed concerns regarding the sustainability of current spending levels.

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

In April 2025, a significant correction occurred in the bond market as investors reacted to new tariffs and increasing deficits by selling off U.S. government securities.

During this exodus from bonds, Bitcoin has attracted renewed interest from both retail and institutional investors seeking refuge in a digitally scarce asset that is not influenced by government policy.

The narrative is shifting. Bitcoin is evolving beyond being merely a hedge against inflation or an alternative to gold; it is establishing itself as a long-term counterbalance to sovereign debt risk.

Asia’s Billionaires Shift From U.S. Dollar to Bitcoin, Gold

Wealthy investors in Asia are moving away from the U.S. dollar and increasingly investing in Bitcoin, gold, and Chinese assets in response to escalating geopolitical tensions and market volatility.

In May, UBS executive Amy Lo noted that ultra-wealthy clients now allocate over 15% of their portfolios to crypto and precious metals.

With Asia’s wealth management market projected to expand from $20.7 trillion to $37 trillion by 2029, this trend indicates a significant realignment in global capital flows.

A 2024 Aspen Digital study revealed that 76% of Asia’s family offices and high-net-worth individuals currently hold digital assets, an increase from 58% in 2022.

Singapore is at the forefront of the crypto movement, with more than half of affluent investors intending to boost their holdings in the next two years.

Many have doubled their crypto allocations to over 10% of their portfolios, viewing Bitcoin as a hedge akin to gold during previous financial crises.

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