Bitcoin’s potential to seize the $30 trillion US Treasury market is really picking up steam. This is at a time when concerns over the long-term fiscal sustainability of the United States are just beginning to peak. Bitwise CEO Hunter Horsley suggests Bitcoin's total addressable market includes the substantial US Treasury market, traditionally viewed as a safe store of value. Economists and securities analysts have raised alarms about relying on US Treasury flows to determine investor flight to safety. This skepticism comes from the recent market response to macroeconomic concerns and the long-term implications of our rising national debt.

The US Treasury market, by comparison, is valued at a stupendous $30 trillion. It serves as an important quality control mechanism of value to both retail and institutional bondholders. The recent turmoil has raised serious questions about its sanctity as a safe harbor.

By April 2025, the bond market was suddenly being slammed with a sell-off. This was partially caused by increasing uncertainty about former President Trump’s trade tariffs, and growing US debt levels. This sell-off – the worst since 2019 – emphasized how sensitive the market’s tether is to fiscal policy and stability in the economic backdrop.

According to economist Mohamed El-Erian, we shouldn’t interpret US Treasury inflows as a straightforward harbinger of investor flights to safety. He highlights the intricate web of factors beyond policy that drive market forces.

Critics, including Elon Musk, have voiced concerns about the sustainability of the current US budget, warning that it could further erode the nation's long-term fiscal health. The US national debt approaches $37 trillion, inducing panic at the prospect of government insolvency.

In an April 23 post, economist Saifedean Ammous took issue with this increasing risk in lending to the US government.

"The US fiscal situation is bad, and Trump's ideas for improving it just spooked the bond markets and it will take something serious to get it to settle down again" - Saifedean Ammous

Hunter Horsley, CEO of Bitwise, argued for Bitcoin’s potential far outside the norm of juxtaposing it with gold.

"The opportunity for Bitcoin isn’t just gold; it is the $30 trillion-plus using Treasuries as a store of value" - Hunter Horsley.

Horsley’s comment suggests that Bitcoin could be a competitor to store value. American Treasury market, with the capacity to be substantive.