Hunter Horsley, CEO of Bitwise Asset Management, has stirred fresh debate by challenging the conventional view that Bitcoin competes directly with gold.
In a June 20 post, Horsley argued that Bitcoin’s real competition lies in government-issued instruments like U.S. Treasuries and UK gilts, not the precious metal.
“Gold and Bitcoin are both apolitical stores of value,” Horsley noted. While gold is less volatile and Bitcoin remains highly volatile, he pointed out that both appeal to investors seeking value protection independent of state influence. In contrast, assets like Treasuries are deeply tied to political and monetary decisions.
According to Horsley, government bonds represent the “ultimate political store of value.” Their performance is shaped by interest rate policy, central bank decisions, and fiscal strategies. BTC, he argued, is set to rival these instruments—not because it mirrors them, but because it offers an alternative grounded in decentralization and fixed supply.
He also highlighted that for the average person, stores of value are different altogether. “Residential real estate is the most common SOV for individuals,” Horsley said, separating the institutional and retail investor perspectives.
Horsley’s commentary reflects a growing narrative that Bitcoin is not just a hedge against inflation or currency debasement, but a challenge to the very structure of sovereign monetary tools. As institutional adoption accelerates, that view may gain more traction among traditional finance circles.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/bitwise-ceo-bitcoins-true-rival-is-not-gold-but-government-bonds/