Bitcoin Could Absorb $30 Trillion US Treasury Bond Market — Bitwise CEO

Bitwise CEO Hunter Horsley believes Bitcoin's potential goes beyond its role as a replacement for gold ($16 trillion), as it could compete with the $30 trillion U.S. Treasury bond market , which is used as a store of value.

He was responding to comments from economist Mohamed El-Erian , who warned that US bonds are no longer the safe haven they once were for investors.

Economist Mohamed El-Erian suggests tracking flows into gold and silver to gauge safe-haven demand, rather than relying on US Treasury bonds.

Meanwhile, Bitcoin is increasingly attracting investors as an alternative savings tool and store of value, with the potential to hedge against geopolitical, macroeconomic and market volatility risks.

Geopolitical Tensions and Increased Government Spending Drive Bitcoin Adoption
Geopolitical tensions and excessive government spending are driving Bitcoin adoption as a way to protect value against inflation and fiat currency risks.

In the US, Mr Trump's “ Big, Beautiful Bill ” could increase the deficit by $2.5 trillion, pushing the national debt to nearly $37 trillion.

Critics, like Elon Musk , warn that the budget is unsustainable. In April 2025, concerns about debt and tariffs sent the US bond market plunging in a sharp sell-off.