Bitwise CEO Hunter Horsley has said Bitcoin is emerging as a more efficient store of value than gold, and that maintaining or increasing gold prices will require a steady influx of new buyers.
Easier absorption
Posting on X, Horsley noted that the annual gold supply in 2024 totalled around 3,660 tonnes of new production and 1,370 tonnes of recycled metal, worth around $680bn that markets must absorb each year. By comparison, he said, Bitcoin's yearly issuance of around 164,000 coins, valued at around $2.4bn based on an average of current market prices, represents a much smaller amount of new supply for investors to acquire.
Digital gold?
Horsely added that this structural difference supports Bitcoin's long-term position as a store of value relative to gold, whose market depends heavily on continual demand to offset constant new supply.
The comparison feeds into a long-running debate over whether Bitcoin can truly serve as 'digital gold'. Advocates point to its fixed supply and self-custody as structural advantages. At the same time, critics note that Bitcoin's short trading history, pronounced volatility and reliance on speculative flows mean it has yet to demonstrate the stability that gives gold its traditional store-of-value status.
Horsley's remarks reflect the growing institutional conversation positioning Bitcoin as a potential complement to, rather than a replacement for, gold. Gold reserves consistently appreciate during bouts of economic trouble and conflict, while the same cannot yet be stated unequivocally for Bitcoin.
The price of gold hit a record high in October. Investors and central banks have moved to stock their portfolios with the precious metal as the US dollar weakens, and geopolitical risks remain top of mind.
