Hunter Horsley, CEO of Bitwise Asset Management, makes the case that Bitcoin at any price today is still early - because there's ...
What Hunter Horsley said
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Hunter Horsley, CEO of Bitwise Asset Management, argued that Bitcoin's price is irrelevant compared to its total addressable market. He said Bitcoin competes for a share of the roughly $400 trillion in global money and assets, and that its current $2 trillion market cap is tiny. Horsley noted that gold's market cap grew from $3 trillion to $25-30 trillion over 20 years, showing how the pie expands. He cited four structural tailwinds: declining trust in institutions, growing global money supply, younger generations (Gen X and Millennials) who rank crypto in their top two asset classes gaining control of organizations, and the shift toward alternatives. He recounted a CFO who raised $2 billion and wanted to put Bitcoin on the balance sheet without needing persuasion, and mentioned Figma's 4% Bitcoin allocation via Bitwise's ETF. Horsley predicted Bitcoin's payment use case will grow over the next decade once its value is universally recognized.
Key takeaways
Bitcoin's $2 trillion market cap is tiny against the $400 trillion global asset pool, making price levels like $80K or $100K irrelevant to the opportunity.
Gold's market cap grew from $3 trillion to $25-30 trillion in 20 years, showing how total addressable markets expand for assets like Bitcoin.
A CFO of a company that raised $2 billion called Bitwise to buy Bitcoin, needing no explanation of its role, just how to execute the purchase.
Figma, which went public this summer, put about 4% of its balance sheet into Bitcoin through the Bitwise Bitcoin ETF.
Bitcoin's payment use case will mature over the next 10 years once the world agrees it has value, following a sequence like building a house.
I think so many things in crypto are a matter of the perspective from which one is looking at a topic. So, I want to respond to that by zooming out for a second. What is Bitcoin competing for? What is the context of Bitcoin? The context of Bitcoin is that there's something like 400 trillion dollars of money and assets in the world. And the people who own and control and manage that money and assets are trying to park it and direct it into investments that help them accomplish things that they want. They might want the value of their investment to go up. They might want to protect and defensively store their investment and value over time. They might want a diversified set of investments. And their instruments are real estate, you know, 100 trillion, equities globally about 100 trillion, fixed income similar. They of course have, you know, now credit and private equity. These are their instruments. There's treasuries. These are the options on their menu. There's now a new option on the menu. It's called Bitcoin. It's worth 2 trillion dollars.
There's 400 trillion dollars trying to figure out how to move into the future in the best way for their objectives. And by the way, the 400 trillion dollars is growing.
We don't think about how everything is expanding. I was talking with Matt, your CIO, and he was talking about—I asked him why is gold exporting higher so bullish for Bitcoin.
It's the TAM, to use company-building speak, the total addressable market for crypto assets and Bitcoin is growing at the same time as Bitcoin's share of it is growing.
So, its share is growing and the pie is growing. And by the way, the backdrop that we encounter all the time with our clients is some of the old tools that people use—it could be stocks, it could be bonds, it could be treasuries—people are starting to question whether the tools that they used for the last 20 years are the tools they want to use for the next decade. And in the investment world, that would be described for instance as the shift towards alternatives. Those are alternatives to public equities and fixed income.
19 more exchanges in this transcript
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Horsley, H. (2026, June 26). Bitwise CEO: Why Bitcoin at $60K Is Still the Opportunity of a Lifetime - Hunter Horsley [Interview transcript]. When Shift Happens. CEOInterviews.AI. https://ceointerviews.ai/interview/1042175/
MLA
Hunter Horsley. "Bitwise CEO: Why Bitcoin at $60K Is Still the Opportunity of a Lifetime - Hunter Horsley." When Shift Happens, 26 Jun. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1042175/.
BibTeX
@misc{horsley2026_1042175,
author = {Hunter Horsley},
title = {Bitwise CEO: Why Bitcoin at $60K Is Still the Opportunity of a Lifetime - Hunter Horsley},
howpublished = {Interview transcript, When Shift Happens. CEOInterviews.AI},
year = {2026},
month = {jun},
url = {https://ceointerviews.ai/interview/1042175/},
note = {Speaker-attributed transcript with timestamps}
}
