Who Is Left to Buy BTC? Bitcoin’s $998 Trillion Addressable Market

As Bitcoin hovers near all-time highs and institutional enthusiasm is in overdrive, an interesting question emerges for bulls: Who is left to buy?

Macro investor and hedge fund veteran James Lavish says that’s simple: a $998 trillion addressable market. He commented:

“There are roughly 998 trillion dollars of addressable market left for assets seeking protection from inflation.”

Lavish is Managing Partner of the Bitcoin Opportunity Fund, a former hedge fund manager, and a widely respected macro analyst.

He has become a critical voice in advocating for Bitcoin as a viable alternative to traditional inflation hedges, such as gold and real estate.

Lavish’s analysis is better illustrated by his accompanying chart. It suggests that Bitcoin’s $998 trillion addressable market could be almost unimaginably vast, especially as other asset classes begin to lose their inflation-hedging appeal.

Bitcoin’s $998 Trillion Addressable Market by Asset Class

The chart breaks down the gargantuan landscape of global assets that could, theoretically, flow into Bitcoin.

By far the largest single asset class in the world, real estate is often seen as the primary store of value for wealthy investors and central banks.

However, if you’ve ever tried to exchange a fourth-floor apartment or country ranch for an item of equal value, you’ll know that real estate is highly illiquid.

It’s also location-specific and not immune to inflation shocks. If segments of real estate allocation begin to seek more liquid or portable inflation hedges, Bitcoin could be a logical destination.

At $135 trillion, global equities are traditionally viewed as both growth engines and inflation hedges. However, in times of macro uncertainty or monetary debasement, investors may seek alternatives.

With the integration of Bitcoin into equity pension plans and 401ks, the crossover is growing.

Bonds have historically represented stability and income, but rising inflation erodes their real returns.

Negative yield events and corporate defaults have driven asset managers to reevaluate their exposure to “safe” government and corporate debt. That opens the door to non-correlated assets like Bitcoin.

A close rival in Bitcoin’s $998 trillion addressable market, gold has long served as the classic inflation hedge.

Yet its performance versus Bitcoin over the past decade has led some investors to question the wisdom of portfolio diversification.

Transferability and Portability

Between August 2020 and August 2025, Bitcoin returned 889.3%, while gold clocked a 71.4% increase over the same period.

Moreover, gold is not easily portable nor divisible, qualities that make Bitcoin a far superior choice in our digital age.

Holding cash is often seen as prudent during volatile times. However, central bank policies and persistent inflation mean fiat is a reliably losing proposition for purchasing power.

The US dollar has lost a whopping 95% of its purchasing power since the 1970s. Whereas Bitcoin’s capped supply provides a life raft for those seeking to mitigate fiat decay.

Finally, private equity and alternative assets like fine art and other collectibles lack the liquidity and fungibility of Bitcoin.

As more family offices and endowments look to hedge systemic risks and illiquidity, Bitcoin’s transparency and portability can lure more stuffy investors into the fold.

Who’s Really Left to Buy?

If Lavish’s thesis is correct, there’s plenty of dry powder left on the sidelines: almost a thousand trillion, if you can contemplate such numbers.

At just $2 trillion today, Bitcoin still represents a mere fraction of the global investment market. That is less than 0.2% of global investable assets.

Sovereign wealth funds, pensions, endowments, insurance companies, and even everyday retirement plans represent untapped market segments.

With recent regulatory approval for Bitcoin in 401ks and ETFs, barriers to entry are falling fast.

From gold to real estate and private equity, the true $998 trillion addressable market for Bitcoin is measured in hundreds of trillions, not billions.

If even a fraction of these asset classes seek shelter from inflation, the question “Who is left to buy?” may be answered by some of the biggest investors in history.