Bitwise CEO says Bitcoin is overtaking gold’s role as a value haven

Bitwise CEO Hunter Horsley reignited the long-running debate between Bitcoin and gold in a lengthy post on X, positing that Bitcoin is becoming the superior store of value. Horsley emphasized that gold would take much more capital to hold its prices constant, citing that in 2024 alone, some 3,660 tons were brought up, and 1,370 tons were recycled, which consists of almost $680 billion worth of new gold that would have to be consumed by buyers to keep the prices steady.

Comparatively, Horsley pointed out that the new supply of Bitcoin is only about $24 billion annually, which amounts to approximately 164,000 BTC mined annually. He opined that such a reduced influx of new supply will provide a structural advantage to Bitcoin in terms of scarcity and long-term price maintenance. “Gold needs a lot of new buyers to keep prices stable or higher,” Horsley wrote. “I expect Bitcoin will be the better store of value.”

His remarks are against a backdrop of resurgent institutional interest in digital assets, as traders are more and more considering Bitcoin as an inflationary and global economic hedge of sorts, a role that has historically been played by gold.

Analysts see bottom in BTC/Gold ratio

In line with that opinion, CryptoQuant analyst Joao Wedson indicated that the BTC/Gold ratio has reached a historical low, which, in previous cycles, was a strong turning point. Wedson stated that oscillator readings currently flash bottom signals that in the past have been the precursors of enormous Bitcoin rebounds, calling the current setup a “rare opportunity to trade gold for Bitcoin.”

Historic Opportunity: Trade Gold for Bitcoin. 🟡⮕₿

Bottom signals in the BTC/Gold ratio are extremely rare, and they tend to appear during high-volatility moments and sharp BTC drawdowns.
Well, we’re exactly there right now.
The blue signal marks the current bottom, revealed… pic.twitter.com/cWx2YGxd3t

— Joao Wedson (@joao_wedson) October 18, 2025

Traditionally, these events were followed by sharp Bitcoin falls with subsequent strong rebounds. He called the existing construction a historic opportunity and encouraged investors to “trade gold for Bitcoin.”

Similar to Wedson, the former BitMEX CEO, Arthur Hayes, said, “We’re exactly there right now,”  describing the environment as one of the most compelling in years for those seeking exposure to Bitcoin over traditional safe-haven assets.

Bitcoin struggles through “broken October”

Despite the optimism, Bitcoin has not met the expectations of traders in October. Traditionally known as “Uptober,” the month has historically been a powerhouse of gains, but 2025 has shattered the pattern. Bitcoin is down over 25% since early October, from above $126,000 to close to $100,000, amidst increasing global risk aversion and a resurgence of U.S.-China trade tensions.

At the time of writing, Bitcoin (BTC) was trading at $111,347, having surged by 4.19% on the day but still being down 53.37% on the week and 8.23% on the month. However, the longer-term view is still strong with the index up 25.46% over the past six months and up 58.61% over the last year, bolstered by continued institutional demand, as well as strong ETF flows.

Meanwhile, gold is near record highs as geopolitical and macroeconomic uncertainty continue to affect markets. The metal was down 1.67% to $4,253.97 after reaching a new record high of $4,380. It has risen by 62.05% year-to-date and 123.97% for five years, supported by global investor demand during turbulent times.

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