Bitcoin competes with US Treasuries, says Bitwise CEO

• Bitcoin rivals Treasuries, not gold
• Government bonds are BTC’s real competitors
• Bitcoin Liquidity Outperforms Real Estate and Gold, Says Bitwise

Hunter Horsley, CEO of digital asset manager Bitwise, argued that Bitcoin’s true competitors are not precious metals like gold, but government bonds like the US and UK Treasuries. The statement was made in a post on X on June 20.

I don't think Bitcoin's competition is going to end up being gold.

They're both apolitical stores of value. Gold lower vol, Bitcoin higher vol. Investors seeking apolitical SOVs will like both.

Rather, I think Bitcoin's competition is going to end up being US Treasuries and…

— Hunter Horsley (@HHorsley) June 20, 2025

According to Horsley, both gold and Bitcoin function as stores of value that are not subject to direct government control, but BTC competes with political assets par excellence. “I believe Bitcoin’s competitors will eventually be US Treasuries and other government securities (e.g. UK government bonds): the ultimate political SOVs,” he wrote.

For retail consumers, Horsley notes that residential real estate is still the most common form of store of value. However, he points out that Bitcoin’s liquidity offers a more efficient alternative in a financial landscape marked by the search for agility and accessibility.

Government bonds have their yields directly influenced by Federal Reserve decisions, fiscal policies and macroeconomic projections. Bitcoin, as a decentralized digital asset, responds mainly to investors' perception of value, without direct government interference.

Another point raised by Horsley is the changing barriers to institutional adoption of Bitcoin. He notes that regulatory uncertainty has lost its strength as an obstacle, especially in the face of a more open presidential administration to cryptocurrencies, such as Donald Trump's. However, adoption by large companies is still progressing at a slow pace.

According to the executive, many institutions face an overload of investment options and lack the structure to deeply evaluate the role of BTC in their portfolios. “Most investors and allocators are very busy. They are constantly confronted with opportunities, including things that can be multiplied by 10,” he said.

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.

So, what are the biggest obstacles now?

I see two coming up in conversations:

(1) ...

— Hunter Horsley (@HHorsley) June 20, 2025

Finally, Horsley warned that framing Bitcoin as “digital gold” could be counterproductive in markets where interest in the metal is low, such as the United States.