For a long time, Bitcoin has been hailed as "digital gold," and its potential as a store of value has garnered significant attention. However, as the global economic landscape evolves and confidence in traditional financial assets wanes, Bitcoin's ambitions seem to extend far beyond that. Recently, Hunter Horsley, CEO of Bitwise and an asset management executive, boldly predicted that Bitcoin's true opportunity lies in replacing the $30 trillion U.S. Treasury market, becoming the next global financial safe haven. This viewpoint not only challenges traditional perceptions but also signals a generational shift in capital allocation that is quietly taking place.
- Erosion of Confidence in U.S. Treasuries, Bitcoin Rises to the Occasion
U.S. Treasuries have long been regarded as the safest haven asset and store of value globally. However, as Allianz Chief Economic Advisor Mohamed A. El-Erian pointed out, recent U.S. Treasury yields have reacted minimally to geopolitical tensions, in stark contrast to the significant inflows into gold and silver. El-Erian stated, "Money is flowing in; it’s just not going into Treasuries as per historical experience." This indicates that market confidence in U.S. government debt is gradually eroding, and investors are seeking new safe havens.
In this context, Bitwise CEO Hunter Horsley expressed an extremely bullish view on Bitcoin (BTC) on the social media platform X. He emphasized that Bitcoin's potential goes far beyond being digital gold; its true aim is to replace the over $30 trillion U.S. Treasury market and become the new darling of global capital.
- Bitcoin: A Modern Alternative to Gold and Government Bonds
Taking advantage of El-Erian's comments, Horsley vigorously promoted Bitcoin as a modern alternative to gold and government bonds. He believes that as people's perceptions of traditional safe-haven assets shift, Bitcoin will usher in a generational change in capital allocation.
Horsley has consistently maintained an optimistic outlook on Bitcoin. He noted that many large Bitcoin purchase transactions by publicly listed companies are still pending and have not yet been completed, with strong institutional demand expected in the third quarter. Additionally, he predicted that once Bitcoin breaks through the $130,000-$150,000 price range, its scarcity will become even more pronounced, as "there simply isn’t enough Bitcoin," which will further drive its price up.
- Bitcoin Decouples from Traditional Assets, Becoming an Independent Store of Value
Bitcoin has quietly become the seventh most valuable asset globally, with a market capitalization of $2.09 trillion, surpassing even Meta and silver. Recent analyses of its performance indicate that Bitcoin is attracting significant liquidity from investors who seem to be rotating funds from other markets.
A report from CryptoQuant noted that the price of Bitcoin is continuously decoupling from U.S. Treasury yields. Historically, Bitcoin has typically shown a negative correlation with bond yields, but current data shows that Bitcoin is rising in sync with the yields of 5-year, 10-year, and 30-year U.S. Treasuries. This unusual correlation trend suggests that investors may now view it as an independent store of value capable of providing protection during periods of quantitative tightening.
AmbCrypto further reinforced this viewpoint by comparing Bitcoin's performance with gold and the S&P 500 index. Despite gold's market capitalization reaching $23.185 trillion, Bitcoin's return rate has still reached 58.8%, far exceeding gold's 46.7% and the S&P 500's 11.5%. This indicates that Bitcoin has demonstrated the potential to outperform traditional safe-haven assets in terms of returns.
- Intensifying Global Market Uncertainty, Bitcoin, Gold, and Stock Markets Reach New Heights Together
MarketWatch pointed out that the U.S. stock market, Bitcoin, and gold have all recently reached historical highs, which is an unusual phenomenon reflecting that global financial markets are entering an uncertain new era. The catalysts for this simultaneous new high seem to differ, with the focus on global investors looking to reduce their holdings in U.S. assets during President Donald Trump's second term, as his policy agenda may exacerbate global trade uncertainty and the U.S. domestic deficit.
Larry Tentarelli, Chief Technical Strategist at Blue Chip Daily Trend Report, noted that a common factor in the recent strength of Bitcoin, gold, and the U.S. stock market is the significant decline of the dollar this year. Interactive Brokers Senior Economist José Torres also believes that as some international investors sell U.S. Treasuries in search of other safe havens, gold may particularly benefit.
Traditionally, stocks are viewed as risk assets, while gold is considered a safe-haven asset. Bitcoin and cryptocurrencies are mostly seen as risk assets, typically fluctuating in sync with stocks over the past few years. However, cryptocurrency bulls argue that Bitcoin may ultimately become an independent store of value, even serving as a safe haven itself. Tentarelli pointed out that despite the continuous rise in gold prices, market sentiment largely leans towards risk appetite, with both the stock market and Bitcoin rising due to increased investor confidence in the economy.
Conclusion:
The assertion that Bitcoin is targeting the $30 trillion U.S. Treasury market undoubtedly paints a grand vision for the future of cryptocurrency. As global economic uncertainty intensifies and confidence in traditional financial assets wanes, Bitcoin, as a decentralized, scarce, and increasingly accepted store of value, is becoming more attractive. It not only outperforms gold in terms of returns but also demonstrates potential as an independent safe-haven asset through its decoupling from macroeconomic indicators. Although the road ahead is long, Bitcoin is gradually transitioning from "digital gold" to "digital Treasuries," and its position in the future global financial system will become increasingly significant.
Related: Trump's "Big and Beautiful Act" May Trigger U.S. Debt Crisis and Bitcoin (BTC) Surge
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