It has been argued that the potential market for Bitcoin (BTC) is not limited to gold alone. Hunter Horsley, CEO of digital asset management firm Bitwise, stated on Twitter that the total market size Bitcoin could target includes not only the gold market of approximately 2,220 trillion won, but also the U.S. Treasury market worth around 4,170 trillion won. He emphasized, "Bitcoin's opportunity is not simply gold. Over 30 trillion dollars (approximately 4,170 trillion won) of bonds are being used as a store of value, and this is also a market that Bitcoin could target."
Horsley's response follows a warning by Mohamed El-Erian, Chief Economic Advisor of Allianz, that the demand flow for U.S. Treasuries no longer functions as a safe-asset preference indicator. El-Erian analyzed that the market's response is changing compared to the past and argued that investors need to re-examine whether they still perceive bonds as a 'safe haven'.
While U.S. Treasuries have long been considered the most stable store of value in the global asset market, recent complex interactions of interest rates, inflation, and geopolitical risks have shown signs of changing this status. Consequently, analyses suggesting that digital assets like Bitcoin could emerge as a new alternative are gaining more credibility.
Horsley from Bitwise noted that this change is a key variable determining the status of cryptocurrencies, and assessed that Bitcoin has sufficient growth potential to replace some functions of the traditional asset market. He added that Bitcoin is not merely a speculative asset but is expanding its role as a store of value within the existing financial system.
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