TLDR
- Bitwise CEO Hunter Horsley stated that Bitcoin is becoming a better store of value than gold.
- He explained that Bitcoin’s annual supply is much lower than gold, making it more scarce and stable in price.
- Horsley said that gold requires significantly more capital to maintain its current price levels.
- CryptoQuant analyst Joao Wedson noted that the BTC to gold ratio has reached a historical low.
- Wedson mentioned that past cycles showed strong Bitcoin rebounds from similar technical patterns.
Bitwise CEO Hunter Horsley has reignited the Bitcoin (BTC) versus gold debate, claiming Bitcoin is now the superior store of value. He emphasized structural advantages tied to Bitcoin scarcity, noting gold requires far more capital to maintain price levels. The remarks emerged amid renewed institutional interest and volatile global markets.
Bitcoin’s Scarcity Underscores Long-Term Value Potential
Hunter Horsley stated Bitcoin’s limited annual supply gives it a structural edge over gold in maintaining price stability. He noted only 164,000 BTC are mined yearly, equal to about $24 billion in new supply. In contrast, gold’s 2024 output totals $680 billion, including newly mined and recycled metal.
Gold needs a lot of new buyers to keep prices stable/higher.
In 2024, ~3,660 tons were mined and ~1,370 tons recycled. At current prices, thats ~$680B new gold that must be bought.
For Bitcoin, ~164,000 new bitcoin is mined per year now. That's ~$24B new supply to be bought.…
— Hunter Horsley (@HHorsley) October 20, 2025
Horsley argued that gold’s price relies on constant new buyer demand, while Bitcoin needs far less support. “Gold needs a lot of new buyers to keep prices stable or higher,” he wrote in his post on X. He maintained that Bitcoin price resilience stems from supply mechanics, which give it an edge in value retention.
Bitcoin’s fixed issuance contrasts with gold’s expanding supply, which may weaken its long-term pricing strength. Horsley suggested that Bitcoin offers a better inflation hedge than gold under current market conditions. He emphasized that lower Bitcoin supply contributes to its potential as a lasting store of value.
Analysts Point to Opportunity in BTC/Gold Ratio Shift
CryptoQuant analyst Joao Wedson highlighted that the BTC/Gold ratio has reached historically low levels, signaling a potential shift. He explained that past cycles showed Bitcoin rebounds when this ratio bottomed. Oscillator readings now suggest similar conditions, offering what Wedson called “a rare opportunity to trade gold for Bitcoin.”
He noted that similar setups previously led to significant Bitcoin price increases after sharp short-term drops. “This is a historic opportunity,” Wedson added, suggesting market timing may favor Bitcoin accumulation. The BTC/Gold ratio indicates undervaluation of Bitcoin relative to gold under prevailing macroeconomic conditions.
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
Former BitMEX CEO Arthur Hayes echoed Wedson’s view, stating, “We’re exactly there right now,” regarding Bitcoin’s position. Hayes described current conditions as highly favorable for those shifting from gold into Bitcoin. Both analysts tied their optimism to technical signals and Bitcoin’s long-term supply characteristics.
Bitcoin Price Volatility Persists Despite Long-Term Optimism
Although Bitcoin price trends remain strong on a yearly basis, October failed to meet trader expectations. Historically known as “Uptober,” the month saw Bitcoin fall from $126,000 to nearly $100,000. This drop, over 25%, came as global risk aversion and U.S.-China tensions increased.
At the time of writing, Bitcoin price traded at $111,347 after recovering 4.19% in a day. However, it remains down 53.37% on the week and 8.23% on the month. Over six months, the Bitcoin price has still climbed 25.46%, with a yearly gain of 58.61%.
ETF inflows and institutional buying continue to support the Bitcoin price, offsetting recent short-term volatility. Meanwhile, gold reached a new record high before slightly retreating to $4,253.97. The metal rose 62.05% year-to-date, driven by ongoing macroeconomic and geopolitical concerns.
