The total target market for Bitcoin encompasses the gold market and US Treasury bonds, valued at $16 trillion and $30 trillion respectively, according to Bitwise CEO Hunter Horsley.
The opportunity for Bitcoin isn’t just gold.
It’s the $30T+ using Treasuries as a store of value. https://t.co/xOHG2NkPg0
— Hunter Horsley (@HHorsley) June 13, 2025
“The opportunity for Bitcoin is not just gold; it’s the $30 trillion that can be used as a store of value in Treasury bonds,” he stated.
Horsley was responding to an earlier post by economist Mohamed El-Erian, who warned that inflows into US Treasury bonds are no longer a barometer of investors fleeing to safe assets.
In his view, market participants should monitor the inflow of funds into gold and silver—traditional hedging instruments against currency inflation—to understand where investors are seeking refuge.
El-Erian emphasized that Treasury bonds are no longer a “safe haven”—their yields barely moved after Israel’s attack on Iran.
The last significant sell-off of US government securities occurred in April after US President Donald Trump announced trade tariffs against China.
The sell-off led to a sharp rise in bond yields, as investors demanded higher interest rates to compensate for the risks of lending to the government.
In May, Bitwise’s head of research in Europe, Andrei Dragos, linked the rise of Bitcoin to the crisis in the Japanese market.