Willy Woo: Bitcoin's 1,000-Year Potential Depends on Capital and Custody
Bitcoin veteran Willy Woo has stated that Bitcoin has the potential to be the "perfect asset" for the next 1,000 years. However, he cautioned that its ability to rival the US dollar and gold is contingent on attracting significantly more capital. Woo highlighted that Bitcoin's current market capitalization is less than 11% of gold's and also trails the US dollar's money supply.
Woo also expressed concerns about the debt structuring of Bitcoin treasury firms, warning of a potential "Bitcoin treasury bubble burst" due to a lack of transparency. He also noted the increasing reliance on ETFs and pension funds for Bitcoin exposure, which could lead to government-led "rug-pulls" due to asset centralization.
Despite these concerns, Blockstream CEO Adam Back argued that companies are the most logical starting point for widespread Bitcoin integration, suggesting that businesses should integrate Bitcoin to leverage its future returns.