Bitcoin OG Willy Woo stated that Bitcoin is the "perfect asset" for the next 1,000 years, but he believes it will not surpass the dollar and gold unless it attracts more capital.
The Bitcoin investor said at the Baltic Honeybadger conference held in Riga, Latvia on Sunday: "The question is, unless this monetary asset—which I see as the perfect asset for the next 1,000 years—receives enough capital inflow and becomes large enough to compete with the dollar, you cannot change the world."
Bitcoin currently has a market capitalization of $2.42 trillion, which is less than 11% of gold's $23 trillion market cap, while the dollar's money supply stands at $21.9 trillion.
Woo mentioned that there are at least two obstacles preventing Bitcoin from becoming the world's reserve asset.
While Bitcoin treasury companies are accelerating adoption, there is little understanding of how they build debt—this risk could lead to a Bitcoin treasury bubble bursting.
Woo said, "No one has really publicly delved into the debt structure, so I absolutely believe that weak companies will blow up, and people could lose a lot of money." He added that altcoin treasuries are now adopting the same strategy, which could "create another bubble."
He expressed concerns about how Bitcoin treasury adoption will develop during significant market corrections or bear markets:
At the same time, he noted that relying on spot Bitcoin exchange-traded funds and pension funds for Bitcoin exposure—rather than self-custody—could lead to more Bitcoin being concentrated within the reach of the state, increasing the risk of government-led rug pulls.
Woo pointed out that while Bitcoin is attracting capital inflows, investors with "money bags" are not choosing self-custody.
Woo said, instead, they are seeking exposure through spot Bitcoin ETFs or Bitcoin treasury companies like Strategy, adding that pension funds are relying on institutional solutions like Coinbase Custody.
Woo stated that while these Bitcoin entry points open the floodgates for more capital, investors are taking on the risk of being "rugged at the national level."
Woo spoke alongside other panel members, including Blockstream CEO Adam Back, What Bitcoin Did host Danny Knowles, Bitcoin analyst Leon Wankum, and Max Kei.
Kei, founder and CEO of the Bitcoin self-custody platform Debifi, stated that Bitcoin self-custody will gradually spread—from custodians like Coinbase to everyday businesses, and eventually to individuals.
"[These companies will] learn how to self-custody, and they will self-custody. Then individuals within these companies [will] understand this. Then it will actually spread on a large scale."
Despite Woo's concerns about the risks of corporate Bitcoin adoption, Back stated that companies remain the most reasonable starting point for Bitcoin adoption.
He used Bitcoin's expected future returns as the "minimum yield" for investments, stating: "If a company cannot beat Bitcoin, they should close their doors and buy Bitcoin."
He added that companies with solid core businesses can still thrive by integrating Bitcoin, stating that "it doesn't necessarily have to be purely an investment."
Related: As Ethereum (ETH) breaks through $4,200, Vitalik Buterin regains the title of "On-Chain Billionaire"
Original: “Willy Woo: Bitcoin (BTC) is the ‘Perfect Asset’ for the Next 1,000 Years”
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