Key Takeaways
- Bitwise CEO Hunter Horsley believes US Treasuries, not gold, are Bitcoin’s main competitors.
- He argues that Bitcoin's value is driven by global sentiment, while Treasuries are influenced by government policy.
- Despite improved regulatory clarity, institutional adoption of Bitcoin remains slow due to competing investment opportunities and complexity.
Bitwise CEO Hunter Horsley stated on June 20 that Bitcoin’s real competition comes from government-backed bonds such as US Treasuries and UK gilts, rather than gold.
He noted that while gold and Bitcoin are both apolitical stores of value that operate outside direct government control, their roles differ sharply from financial instruments closely tied to political and monetary policy.
“I think Bitcoin’s competition is going to end up being U.S. Treasuries and other Government’s Bonds (eg UK gilts): the ultimate political SOVs.”
Horsley also mentioned that for most individuals, residential real estate serves as the primary store of value, not government bonds.
He emphasized the fundamental distinction between Bitcoin and traditional assets like Treasuries, remarking that Treasuries’ yields and demand are shaped by policy decisions, while Bitcoin derives its value from global sentiment and investor psychology.
New adoption hurdles for Bitcoin
Addressing adoption barriers, Horsley observed that regulatory uncertainty is less of a concern under President Donald Trump’s administration, yet institutional adoption remains sluggish.
He attributes this to institutional fatigue, stating:
“Most investors and allocators are very busy. They’re constantly presented with opportunities, including things that could 10x. Why do they need to turn their attention to Bitcoin, which for many is still a complicated topic.”
Horsley also cautioned that branding Bitcoin as “digital gold” may deter US investors, where interest in gold is relatively low.
He suggested that Bitcoin’s high liquidity and accessibility make it a more appealing option for modern investors than gold.
