Bitcoin investor and analyst Willy Woo recently described Bitcoin as the “perfect asset” for the next 1,000 years. However, during his talk at the Baltic Honeybadger conference in Riga, Latvia, Woo emphasized that the cryptocurrency still has a long way to go before it can truly rival gold or the US dollar in terms of market dominance.
Bitcoin Still Far Behind Gold and the US Dollar
Despite Bitcoin’s rapid adoption and current market cap of around $2.42 trillion, Woo pointed out that it remains far smaller than gold, which has a market capitalization of roughly $23 trillion. The US dollar supply is also ahead, estimated at around $21.9 trillion.
According to Woo, for Bitcoin to become a true contender on a global financial scale, it must attract significantly more capital. The path to this level of adoption, however, is not without its risks—especially as corporations increasingly adopt Bitcoin in their treasuries.
Concerns Around Corporate Treasuries and Custody
Woo raised red flags over the growing trend of corporate Bitcoin treasuries. While this movement signals broader adoption, he warned that many of these companies lack transparency around their debt structures. This could potentially lead to what he calls a “treasury bubble.”
He also criticized the growing dependence on spot Bitcoin ETFs and institutional custodians such as Coinbase. Woo warned that when large amounts of Bitcoin are controlled by centralized institutions, they become vulnerable to government influence or seizure. He referred to this risk as a potential “nation-state rug-pull.”
Blockstream CEO Adam Back, who joined Woo on the panel, acknowledged these concerns but argued that corporate adoption is currently the most practical route for widespread Bitcoin use. Back added that companies unable to outperform Bitcoin as an investment should seriously consider holding it directly.
Woo, however, stressed that long-term security and independence for Bitcoin hinge on self-custody—both for individuals and corporations. Without it, the decentralized promise of Bitcoin could be at risk, even as its popularity continues to grow.
