Hunter Horsley, CEO of cryptocurrency asset management firm Bitwise, believes that Bitcoin is not just a digital version of gold but much more. According to Horsley, Bitcoin's true competitor is the U.S. Treasury bond market, a massive $30 trillion asset class traditionally considered the safest place to store capital.
Unlike gold, which investors often view as a hedge against inflation, Treasuries are widely used by governments, institutions, and central banks. This makes them a political tool—something that Bitcoin is not.
Financial stress drives interest in Bitcoin
As U.S. debt approaches $37 trillion and global political tensions rise, Horsley sees these trends undermining confidence in government-backed assets like bonds. Investors are beginning to seek alternatives—something neutral and independent from political influence.
Bitcoin, he argues, is emerging as a significant option. It is decentralized, scarce, and digitally native. While gold has previously filled this role, Bitcoin is now absorbing part of that demand due to its programmable and borderless nature.
Non-political assets for a new era
Horsley notes that both Bitcoin and gold are non-political stores of value. However, Bitcoin's digital infrastructure gives it a unique advantage, 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 safety outside political systems. As market confidence in traditional financial systems continues to be challenged, Bitcoin may gain more ground as a preferred long-term reserve asset.