Bitwise CEO Hunter Horsley noted that despite BTC’s price recovering to $95,000, Google searches for “Bitcoin” are approaching long-term lows.

An uptick in queries on the world’s biggest search engine typically reflects retail curiosity. As such, Horsley explained in his tweet that the latest surge in Bitcoin’s value has not been driven by retail investors, but rather by a growing presence of institutions, advisors, corporations, and even nations entering the industry.

He highlighted that the range of investors buying Bitcoin is expanding, which was indicative of a broader shift in the market.

Major Bitcoin Owners

According to Bitcoin Treasuries’ data, public companies hold 705,373 BTC, or 3.35% of the total supply. Business intelligence company Strategy (previously MicroStrategy) was among the first to jump in, and since then, firms like Japan’s Metaplanet and Semlar Scientific, a med tech firm from California, have also embraced the trend.

Meanwhile, countries possess 529,705 BTC and account for 2.52%. The United States holds the largest amount of Bitcoin among countries, with 207,189 BTC, which is approximately worth $19.6 billion, and represents 0.987% of the total supply. China follows closely with 194,000 BTC, worth about $18.31 billion. The United Kingdom owns 61,000 BTC, or $5.76 billion, which is 0.29% of the total supply.

Additionally, Ukraine holds 46,351 BTC, worth $4.37 billion, accounting for 0.221%. Bhutan has 13,029 BTC, or $1.23 billion, while El Salvador owns 6,089 BTC, around $574.6 million, making up 0.029% of the total supply.

In a separate tweet, Horsley also made a bold prediction, and said that Bitcoin could reach a $50 trillion valuation in the future. He argued that BTC, as an apolitical digital monetary asset, should not only be compared to gold, which has a market value of around $23 trillion, but also to Treasuries and the US dollar, which together are valued at approximately $50 trillion.

The Bitwise CEO further added that as more people seek digital solutions for storing value, Bitcoin could emerge as a dominant asset in this space.

“Welcome Sight” for Bitcoin

A similar sentiment was shared by Charles Edwards, founder of the quantitative crypto hedge fund Capriole Investments, who outlined that Capriole’s Bitcoin Energy Value surpassed $130K for the first time this month, suggesting Bitcoin is currently trading at a nearly 40% discount to its fair value.

While discounts can expand, Edwards noted that the crypto asset has historically reverted to its fair value over time. He pointed out that a 40% discount post-halving is rare and a “welcome sight” for the market.