The CEO of Bitwise, Hunter Horsley, has recently made a bold statement regarding Bitcoin's potential within the broader financial landscape. Horsley posits that Bitcoin's total addressable market extends beyond its perceived role as simply digital gold, encompassing the vast $30 trillion US Treasury market. This assertion challenges conventional views and suggests a future where Bitcoin plays a significantly larger role in global finance.
Horsley's argument centers on the idea that Bitcoin isn't just competing with gold as an alternative store of value, but with all savings instruments, including government securities. He highlights the growing unease among corporations holding large amounts of cash, who are seeking alternatives to traditional assets like U.S. Treasuries due to concerns about dollar devaluation and rising deficits. In this environment, Bitcoin is increasingly viewed as a viable option to safeguard wealth.
This perspective aligns with a broader trend of public companies adding Bitcoin to their balance sheets. As of March 2025, 79 publicly traded companies held approximately $57 billion in Bitcoin, a 160% increase from the previous year. This surge indicates a growing confidence in Bitcoin as a credible store of value and a hedge against monetary instability. Market incentives further fuel this trend, as equity markets have responded positively to companies that embrace Bitcoin.
Horsley isn't alone in his bullish outlook. Bitwise Chief Investment Officer Matt Hougan has described the surge in corporate Bitcoin adoption as a "megatrend" that is only in its early stages and is set to accelerate. He points to a structural imbalance in Bitcoin's supply and demand, with ETFs, corporations, and governments collectively absorbing more Bitcoin than the 165,000 produced annually. This imbalance could potentially drive Bitcoin prices significantly higher, with some predictions suggesting a price of $200,000 by the end of the year.
The increasing institutional interest in Bitcoin is further evidenced by the expansion of crypto ETFs and pending applications for new ones. Moreover, the progress of stablecoin legislation, such as the Genius Act, signals a growing regulatory acceptance of digital assets, potentially paving the way for a sustained crypto bull market.
However, some analysts caution against overexposure to Bitcoin and highlight potential risks associated with companies purchasing Bitcoin with high leverage. Despite these concerns, the overall sentiment remains optimistic, with many viewing Bitcoin as an emerging alternative savings technology and a store-of-value asset with gold-like properties.
Ultimately, whether Bitcoin can truly absorb a significant portion of the $30 trillion US Treasury market remains to be seen. However, the growing institutional adoption, increasing regulatory clarity, and concerns about traditional financial instruments suggest that Bitcoin is poised to play an increasingly important role in the global financial system. As Bitcoin's price action becomes more closely tied to global liquidity and macroeconomic factors, it is clear that the cryptocurrency is no longer just a speculative asset but a contender in the world of mainstream finance.
