Willy Woo warns of treasury bubble risks in Bitcoin adoption
Speaking at the Baltic Honeybadger conference in Riga, Willy Woo called Bitcoin the ideal monetary asset for the next thousand years, but stressed that it won’t rival the U.S. dollar or gold without far greater capital inflows.
Bitcoin’s current $2.42 trillion market cap is less than 11% of gold’s $23 trillion and well below the U.S. dollar money supply of $21.9 trillion, reports Cointelegraph.
Woo argued that treasury adoption is accelerating but carries risks, particularly if debt structures behind corporate Bitcoin holdings are opaque and vulnerable in a bear market. He warned a correction could “slap” coins back into circulation if weaker treasury firms collapse.
ETF reliance poses nation-state risk
Woo voiced concern over the growing reliance on spot Bitcoin ETFs and institutional custody, noting that investors with the deepest pockets aren’t self-custodying their coins. Instead, pension funds and corporate treasuries often use custodians like Coinbase, leaving assets “within arm’s reach” of governments.
While such on-ramps boost liquidity, Woo said they also introduce the possibility of a nation-state “rug-pull” if large custodial holdings were seized or restricted. He added that the spread of self-custody will likely happen in stages, beginning with companies before filtering down to individuals.
Corporate adoption remains a double-edged sword
Despite Woo’s warnings, Blockstream CEO Adam Back maintained that companies are the most logical starting point for Bitcoin adoption. He suggested firms should compare any potential investment against Bitcoin’s expected returns, and if they can’t outperform, consider holding BTC instead. Back noted that even businesses not focused solely on crypto can integrate Bitcoin while maintaining their core operations, potentially driving broader mainstream use.
Recently we wrote that Bitcoin is trading at $118,726, up 1.71% on 10 August 2025.
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