$BTC As the global economy goes through a period of uncertainty, bitcoin is gradually emerging as a serious alternative to traditional savings instruments.
$What if bitcoin
BTC
was no longer just competing with gold? According to Bitwise, the crypto asset could now capture a share of the gigantic U.S. Treasury bond market. An ambitious hypothesis, but one that gains credibility as public debts soar and confidence in state assets wanes.
Bitcoin, a direct rival to Treasury bonds
According to Hunter Horsley, CEO of the investment firm Bitwise, bitcoin could absorb a significant share of the $30 trillion currently held in U.S. Treasury bonds. "The opportunity for bitcoin is not just gold; it is the $30 trillion stored in Treasury bonds," he wrote in a post on X, highlighting the scale of the market that the digital asset could target.
His statement responds to a warning from economist Mohamed El-Erian, who believes that flows into Treasuries are no longer a reliable indicator of investor behavior in times of crisis. For him, capital is now directed towards assets like gold or silver, which are deemed more suitable to protect value against monetary erosion.
In this new landscape, bitcoin is gradually establishing itself as an alternative savings technology. Like gold, it attracts interest due to its scarcity, resistance to censorship, and independence from central bank policies.
Growing deficit and geopolitical tensions: The cocktail that boosts bitcoin
The growing attractiveness of bitcoin is also explained by the increasing fragility of states. In the United States, federal debt exceeds $36.8 trillion, a historically high level. This budget burden is exacerbated by Donald Trump's decision, re-elected in 2024, to extend the tax cuts implemented in 2017. These tax reductions, known as tax cuts, aimed to stimulate growth by easing the tax burden on businesses and households, but their extension is expected to deepen the public deficit by at least $2.5 trillion over ten years according to the CBO.
At the same time, the Trump administration plans to fund these measures through a massive increase in tariffs, projecting up to $5 trillion in tariff revenues, and by reducing federal spending through a state restructuring program led by the Department of Expanded Government Organization (DOGE). This economic strategy, which combines tax revenue reduction and risky structural reforms, generates significant fiscal and budgetary uncertainty.
In this climate of instability, economist Saifedean Ammous emphasizes that the lack of long-term clarity on public finances weakens the appeal of Treasury bonds. Bitcoin, on the other hand, attracts attention with its predictable monetary policy, programmed scarcity, and independence from government policies. It thus becomes a credible store of value for investors seeking to protect themselves against structural imbalances.
