Treasuries In Crisis : Bitcoin Rises As Alternative Store Of Value

What if the greatest store of value for tomorrow was no longer guaranteed by a State, but coded into a protocol ? In a world plagued by inflation and exploding sovereign debts, bitcoin is increasingly establishing itself as a credible alternative to US Treasury bonds. Hunter Horsley, CEO of Bitwise, argues that this transition is no longer a marginal theory but a deep trend driven by growing adoption and disenchantment with traditional safe havens.

Bitcoin versus the Treasuries market : a declared ambition

Bitwise anticipates a record inflow of $420 billion into bitcoin by 2026, driven by growing interest from institutional investors. In this dynamic, Hunter Horsley, leader of one of the largest asset managers, believes bitcoin should no longer be compared solely to gold but also to US sovereign bonds, used as a store of value by individuals and institutions.

“The opportunity for bitcoin isn’t limited to gold; it includes the over $30 trillion using Treasuries as a store of value”, he said in a post published Friday, June 13, 2025, on the social network X.

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

This statement was made in response to Mohamed El-Erian, who urges analysts to no longer focus solely on flows into Treasuries when assessing investors’ search for safety.

Concretely, Horsley hints at a potential shift in the allocation of global savings, which today are concentrated in US public debt securities. Here are the key facts mentioned :

• The US Treasuries market represents more than $30 trillion, used by many players as a stable store of value ;

• Bitcoin is now seen as a credible alternative, especially in view of rising risks related to US fiscal policies ;

• In April 2025, markets strongly reacted to the announcement of President Trump’s “Big Beautiful Bill”, a controversial fiscal measure that could increase the deficit by an additional $2.5 trillion ;

• This situation triggered a massive sell-off of US bonds, resulting in a sharp rise in 10-year Treasury yields ;

• Saifedean Ammous, author of “The Bitcoin Standard”, summarized the market mood : “the US fiscal situation is bad, and Trump’s ideas have scared bond markets away”.

These elements contribute to questioning the United States’ ability to continue playing its historic role as a reliable safe haven asset issuer. By contrast, bitcoin could embody an algorithmic, immutable store of value, disconnected from political management.

A monetary confidence crisis opening a boulevard for bitcoin

Beyond the comparison with Treasuries, Hunter Horsley’s analysis fits into a broader trend: that of a gradual shift toward forms of value storage independent of states.

Bitcoin continues to attract investor attention as an alternative savings technology. This highlights its ability to protect savers against “macroeconomic shocks, geopolitical tensions, and risky markets”.

This positioning of bitcoin as a safe haven asset, on par with gold, is particularly explained by growing distrust toward US fiscal policy. The fiscal bill proposed by Donald Trump alone could increase the deficit by $2.5 trillion. This situation even alarms figures in the tech sector, such as Elon Musk.

To understand this dynamic, sociological changes in progress must also be observed. An increasing portion of the population, including baby boomers—historically loyal to traditional assets—is now turning to bitcoin.

This generation, which holds around $79 trillion in assets, is beginning to incorporate bitcoin into its wealth management strategies. This phenomenon is significant as it reflects an evolution in the very perception of risk, where sovereign debt no longer necessarily embodies security.

In the long term, should this trend be confirmed, bitcoin could gain a status equivalent to that of Treasuries in institutional portfolios. The consequences would be profound: redefining international capital flows, transforming public financing mechanisms, and potentially reconfiguring the role of central banks. Of course, such a scenario remains largely speculative. However, the emergence of Bitcoin as a credible safe haven asset challenges the very idea of what “investing without risk” means in today’s world.