Bitwise CEO Hunter Horsley believes that Bitcoin’s actual competition isn’t gold, but government-supported bonds like the US Treasury and UK Gold Plated.
In a June 20th post on X, Horsley argued that gold and Bitcoin are worthy of non-political stores that operate outside the direct government control. However, he said that Bitcoin’s actual competition lies in a means closely linked to political and monetary policy.
According to him:
“I think the Bitcoin competition will be US Treasury and other government bonds (such as UK Guilt).
At the retail level, Horsley suggested that residential real estate, not government bonds, is the most common and valuable store for individuals.
Horsley’s argument highlights the fundamental differences between Bitcoin and traditional financial products.
While gold and Bitcoin stand outside of government control, assets like the Treasury are closely tied to political decision-making. Their yields and demand are influenced by monetary policy, interest rates and government fiscal actions.
In contrast, BTC and gold derive more value from global sentiment and investor psychology than policy levers.
Furthermore, Horsley pointed out that Bitcoin’s high liquidity and accessibility are more practical options for modern investors than gold.
Bitcoin’s new adoption barrier
Regulations have long been considered the biggest hurdle for BTC, but Horsley now believes other issues are rising to the surface.
He said President Donald Trump’s custody administration has led to less concern about regulatory uncertainty. However, despite improved clarity, mainstream investors remained slow to recruit.
He attributed it to slow fatigue of stagnation. Many companies are overwhelmed by competing investment opportunities and lack the bandwidth to properly assess BTC.
He said:
“Most investors and allocators are extremely busy. They are constantly featured on opportunities that include 10 times more potential. Why should they pay attention to Bitcoin?
Horsley also warned that branding Bitcoin as “digital gold” could do more harm than good in markets like the US where interest in precious metals is relatively low.