Bitcoin once again takes center stage. Hunter Horsley, CEO of Bitwise, takes audacity to its highest expression. Imagine a Bitcoin market capitalization capable of competing not only with digital gold but also with the dollar and U.S. Treasury bonds. Therefore, he mentions a potential of 50 trillion dollars. So, can we really contemplate a metamorphosis of such magnitude?
IN SUMMARY:
Hunter Horsley, CEO of Bitwise, projects a 50 trillion dollar Bitcoin, rivaling the dollar and Treasury bonds.
Bitcoin evolves as a macroeconomic asset, synchronized with global liquidity flows.
Its institutional adoption accelerates, initiating a major monetary revolution.
A PROJECTION THAT CHALLENGES UNDERSTANDING.
Horsley does not speak in round numbers. He points to a global shift. If Bitcoin replaces the USD as a reserve reference, its market capitalization could reach 50 trillion dollars. Therefore, the simple comparison with gold, which limits its potential to around 23 trillion, seems reductionist.
Moreover, this forecast is based on a strategic vision. Bitwise, under Horsley's leadership, manages the BITB ETF. This fund holds over 39,000 BTC. Currently, that represents nearly 3.7 billion dollars in assets. This figure demonstrates tangible trust and not just a communication stunt.
Finally, the comparison extends to traditional markets. U.S. Treasury bonds and the dollar constitute a financial universe of nearly 50 trillion dollars. Horsley suggests that Bitcoin could be incorporated into that space. In other words, the cryptocurrency would become a fundamental player in the global economy.
BITCOIN FROM A MACROECONOMIC PERSPECTIVE.
Then, one must surpass the usual prism of halvings. Bull cycles are no longer sufficient to explain Bitcoin's movements. Now, the cryptocurrency functions as a macroeconomic asset. It reacts to global liquidity flows.
In fact, its price synchronizes with variations in the M2 money supply. When central banks inject capital, Bitcoin tends to follow the same trajectory. Thus, it stops being a mere speculative object. It becomes a global barometer of financial liquidity.
Therefore, the progressive incorporation of Bitcoin by institutions is confirmed. Fund managers are interested in its correlations with traditional markets. Consequently, the cryptocurrency gains legitimacy. It establishes itself as a bridge between two financial universes.
In summary, Hunter Horsley's vision invites us to rethink Bitcoin. Far from being limited to the role of 'digital gold', it could impose itself as a credible alternative to major monetary instruments. Thus, the goal of 50 trillion no longer seems unattainable. On the contrary, it represents a monetary revolution already underway, so much so that even Adam Back, who only contemplated a million, seems pessimistic.
