Bitwise CEO Hunter Horsley believes the actual competition for Bitcoin isn’t gold, but government-backed bonds like US Treasuries and UK gilts.
In a June 20 post on X, Horsley argued that gold and Bitcoin are apolitical stores of value that operate outside direct government control. However, he said Bitcoin’s actual competition lies with instruments tightly tied to political and monetary policy.
According to him:
“I think Bitcoin’s competition is going to end up being U.S. Treasuries and other Government’s Bonds (eg UK gilts): the ultimate political SOVs.”
On the retail level, Horsley suggested that residential real estate, rather than government bonds, is individuals’ most common store of value.
Horsley’s argument emphasizes the fundamental difference between Bitcoin and traditional financial instruments.
While gold and Bitcoin stand outside government control, assets like Treasuries are closely tied to political decision-making. Their yield and demand are influenced by monetary policies, interest rates, and government fiscal actions.
In contrast, BTC and gold derive their value more from global sentiment and investor psychology than policy levers.
Moreover, Horsley pointed out that Bitcoin’s high liquidity and accessibility make it a more practical option for modern investors than gold.
New adoption barriers for Bitcoin
While regulation has long been viewed as BTC’s biggest hurdle, Horsley now sees other issues rising to the surface.
According to him, regulatory uncertainty has become less of a concern due to US President Donald Trump’s pro-crypto administration. Yet, despite improved clarity, mainstream investor adoption remains slow.
He attributed the slow uptake to institutional fatigue. Many firms, he said, are overwhelmed by competing investment opportunities and lack the bandwidth to evaluate BTC properly.
He said:
“Most investors and allocators are very busy. They’re constantly presented with opportunities, including things that could 10x. Why do they need to turn their attention to Bitcoin, which for many is still a complicated topic.”
Horsley also warned that branding Bitcoin as “digital gold” might do more harm than good in markets like the US, where interest in the precious metal is relatively low.
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