Bitcoin does not just compete with gold as an alternative store of value, but all savings instruments, including government securities.
Bitcoin’s (BTC) total addressable market encompasses the $16 trillion gold market and the $30 trillion US Treasury market used as a store of value by individual bondholders and institutions, according to Hunter Horsley, the CEO of digital asset investment firm Bitwise.
“The opportunity for Bitcoin isn’t just gold; it is the $30 trillion-plus using Treasuries as a store of value,” the CEO wrote on Friday.
Horsley was responding to an earlier post from economist Mohamed El-Erian, in which the economist cautioned analysts that US Treasury flows are no longer a barometer for investor flight to safety.
