Catenaa, Sunday, June 22, 2025-Bitcoin total addressable market could rival the $30 trillion US Treasury market, positioning the digital currency as a broad alternative to traditional savings instruments, according to Hunter Horsley, CEO of digital asset firm Bitwise.
Horsley said Friday that Bitcoin competes not only with gold, valued at $16 trillion, but also with government securities held by individuals and institutions as stores of value.
He emphasized that Bitcoin’s opportunity lies in its ability to attract capital from investors seeking alternatives to Treasuries amid economic uncertainty.
His comments responded to economist Mohamed El-Erian’s recent warning that US Treasury flows no longer serve as reliable indicators of investor safe-haven behavior.
Instead, El-Erian pointed to gold and silver as better measures of risk aversion.
Bitcoin is increasingly viewed as a store of value with gold-like characteristics, offering a hedge against geopolitical risks, macroeconomic shocks, and volatility in risk-on assets. Its appeal has grown amid rising geopolitical tensions and extensive government spending, which have raised concerns over inflation and the stability of fiat currencies.
In the US, President Donald Trump’s “Big Beautiful Bill” could add $2.5 trillion to the national deficit, already near $37 trillion, unsettling bond markets earlier this year.
The sell-off drove up yields on 10-year Treasury bonds, reflecting investor anxiety about fiscal health and debt sustainability.
Saifedean Ammous, author of ‘The Bitcoin Standard,’ criticized the budget plan, saying it worsened the country’s fiscal outlook and further unsettles markets.
