Bitcoin’s Main Rival Is US Treasuries, Not Gold, Says Bitwise CEO

Bitcoin’s battle for dominance in safe-haven assets intensifies as government bonds emerge as its fiercest rival, reshaping investor strategies amid easing regulatory hurdles and shifting wealth paradigms.

Government Bonds Emerge as Bitcoin’s Key Competitor in Hunt for Safe-Haven Assets

Bitcoin’s role in global finance is increasingly debated as it competes with both traditional and newer stores of value. Hunter Horsley, chief executive officer of Bitwise Asset Management, shared his views on bitcoin’s competition on social media platform X this week. Horsley stated on June 19:

I don’t think bitcoin’s competition is going to end up being gold … Rather, I think bitcoin’s competition is going to end up being U.S. Treasuries and other government’s bonds… the ultimate political stores of value.

The executive explained that while gold offers lower volatility and BTC has higher volatility, both attract investors seeking alternatives to traditional monetary assets.

On June 20, Horsley distinguished between institutional and individual investors. For most individuals, he noted, real estate serves as the primary store of value. He questioned whether residential real estate, which appreciates due to supply and demand imbalances, could be the true total addressable market for bitcoin, shifting the comparison from financial instruments to tangible wealth preservation assets.

The Bitwise CEO also discussed shifting obstacles for bitcoin investment. He stated:

It used to be that ‘regulatory uncertainty’ was bitcoin’s biggest obstacle for investors. This is no longer the case in 2025, which is a huge unlock. It’s impact still hasn’t fully manifested.

He detailed that the main obstacles emerging are time constraints and perceptions of bitcoin’s value. Many investors and allocators are overwhelmed with numerous opportunities, some with potential for significant returns, making it difficult to prioritize attention toward BTC, which remains complex for many. Additionally, bitcoin’s comparison to “digital gold” presents a challenge, as some investors, such as family offices, avoid gold entirely, viewing it as an unpopular asset class in the U.S. While not immediate concerns, these issues are expected to become more prominent in the coming quarters.