Here’s Why Bitwise CEO Says ‘There’s Just Not Going To Be Enough Bitcoin For Everyone’

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Here’s Why Bitwise CEO Says ‘There’s Just Not Going To Be Enough Bitcoin For Everyone’

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Bitwise CEO Hunter Horsley has put Bitcoin’s scarcity in focus.

Demand for Bitcoin appears to be growing rapidly.

Bitcoin evangelist and Strategy Chairman Michael Saylor has suggested that things are set to accelerate further.

If there is one thing Bitcoiners love to harp on about, it’s the asset’s scarcity. Recently, Bitwise CEO Hunter Horsley has brought this celebrated scarcity into focus by highlighting rapidly shifting market dynamics.

“There’s just not going to be enough Bitcoin for everyone,” Horsley

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in an X post on Tuesday.

Statements like these are not new in Bitcoin circles. One common rhetoric is that there are 8 billion people in the world, and there would only ever be 21 million BTC, seemingly assuming that everyone on earth would want to hold the digital asset.

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Unlike these statements, however, Horsley’s view is not purely anecdotal. Reiterating his view on Wednesday, he

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that approximately 165,000 BTC will be mined this year, highlighting that in Q1 alone, public companies acquired 95,000 BTC. This suggests that at the current pace of demand, there is unlikely to be enough Bitcoin for those who currently want to hold the asset.

“Positive for Bitcoin. Supply vs demand is the basics [sic] of many monetary and economic systems,” Fundstrat Chief Investment Officer Tom Lee

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in response to Horsley, highlighting that this market dynamic is likely to put bullish pressure on the asset’s price.

And the Bitcoin demand does not appear to be slowing down. Just last week, Tether, Bitfinex and SoftBank

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a new venture called Twenty One that intends to build a business around purchasing Bitcoin. Twenty One has said it plans to launch with 42,000 BTC worth nearly $4 billion on its balance sheet. Meanwhile, on Monday, Strategy (NASDAQ:

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)

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that it had added over 15,355 BTC worth $1.4 billion to its already extensive holdings.

Public companies are not the only ones showing a strong desire for Bitcoin exposure.  Bitwise investment chief Matt Hougan

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on Tuesday that spot Bitcoin exchange-traded funds had raked in $3.3 billion in inflows in the past week.

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on Coinbase.

The rising demand comes as the narrative of Bitcoin as a store of value and hedge against broader market uncertainty

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, as highlighted by a recent decoupling from traditional equities.

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Bulls like Strategy Chair Michael Saylor believe that there is still a lot of capital waiting on the sidelines to get into Bitcoin.

“When banks finally bless Bitcoin and the experts agree it’s a good idea, everyone will want to buy it, no one will need to sell it, and you won’t be able to afford it,” he

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Monday on X.

Saylor’s remarks come after the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency

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dissuading banks from holding cryptocurrencies and offering services to cryptocurrency market participants.

The Federal Reserve followed suit last week,

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. But keen-eyed observers have pointed out that the Fed has yet to withdraw a 2023 policy statement advising state banks against cryptocurrencies.

Amid growing demand,

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that Bitcoin will exchange hands for $200,000 by the end of the year. At last look, the asset continued to idle near $95,000.

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