Key Takeaways
- Bitwise CEO Hunter Horsley says bitcoin could rival the $30 trillion U.S. Treasury market as a store of value.
- Geopolitical tensions and rising U.S. deficit spending are pushing investors toward bitcoin as an alternative savings vehicle.
- Recent bond market volatility and higher yields reflect investor concerns about U.S. fiscal policy and monetary stability.
Hunter Horsley, CEO of Bitwise, has stated that bitcoin’s competition as a store of value is not limited to gold’s $16 trillion market but also includes the $30 trillion U.S. Treasury market.
In a recent post, Horsley wrote:
“The opportunity for Bitcoin isn’t just gold; it is the $30 trillion-plus using Treasuries as a store of value.”
Horsley’s comments were in response to economist Mohamed El-Erian, who suggested that analysts should monitor flows into gold and silver rather than U.S. Treasuries, as traditional measures of investor safety are shifting.
Geopolitical and fiscal pressures
Rising geopolitical tensions and what critics describe as unsustainable government spending are driving increased adoption of bitcoin.
In the U.S., President Trump’s “Big Beautiful Bill” is projected to add $2.5 trillion in deficit spending, contributing to the national debt nearing $37 trillion.
This environment has led investors to seek alternatives to centrally managed fiat currencies.
Government securities
In April 2025, uncertainty over tariffs and debt triggered a sharp sell-off in the bond market, with investors demanding higher yields for U.S. government securities.
Saifedean Ammous, author of The Bitcoin Standard, commented:
“The US fiscal situation is bad, and Trump’s ideas for improving it just spooked the bond markets and it will take something serious to get it to settle down again.”
Bitcoin’s role as a savings technology and hedge against inflation and geopolitical turmoil continues to attract attention as traditional safe havens are reevaluated.
