Adam Back stated on Monday that the adoption of Bitcoin (BTC) treasuries by publicly traded companies has become a new alt season for cryptocurrency speculators.
“Bitcoin treasury season is the new alt season for speculators,” said Adam Back, co-founder and CEO of Blockstream and inventor of Hashcash. “It’s time to sell altcoins and invest in BTC or BTC treasury companies,” he added.
Adam explained that Bitcoin treasury companies are “repeatedly buying BTC to increase their per-share Bitcoin holdings,” accumulating more of the world’s first cryptocurrency through various financing methods, such as convertible bond issuance, which makes them attractive to investors.
His comments came amid a wave of corporate Bitcoin adoption, with the number of publicly traded companies holding Bitcoin doubling since June 5.
According to BitcoinTreasuries.NET, there are currently at least 240 publicly traded companies holding Bitcoin on their balance sheets, up from just 124 a few weeks ago, representing about 3.96% of the total BTC supply.
Adam previously predicted that institutional and governmental adoption would create a $200 trillion market opportunity for Bitcoin, as Bitcoin treasury companies get ahead of “hyperbitcoinization” — a theoretical future where Bitcoin replaces fiat currency as the world’s largest currency due to its inflationary economics.
However, Bitcoin treasury companies are also raising growing concerns among shareholders. For example, the Bitcoin premium of Japanese investment company Metaplanet soared to $596,154 on May 27, meaning that shareholders were paying more than five times the actual value of Bitcoin exposure through Metaplanet stock.
Despite this, Adam believes that companies focused on Bitcoin provide a potential path to recover from altcoin losses.
“I encourage them to find ways to get out of altcoins,” Adam said in a response on X on Monday. “Maybe they can make up for losses by turning to treasury companies holding BTC,” he added.
Corporate adoption continues to accelerate. On June 12, Nasdaq-listed Mercurity Fintech Holding announced plans to raise $800 million to establish a “long-term” Bitcoin treasury reserve.
Three days earlier, Paris-based cryptocurrency company The Blockchain Group announced plans to raise $340 million for a corporate Bitcoin treasury, showing increasing interest in Bitcoin among European institutions.
Despite the lack of momentum in altcoins, they also benefit from institutional adoption. Cointelegraph reported on June 11 that Nasdaq-listed fitness equipment manufacturer Interactive Strength announced plans to raise $500 million to establish a treasury for Fetch.ai (FET) tokens.
Related: Metaplanet increases its Bitcoin holdings by 1,111, nearing Tesla's BTC holdings
Original article: “Adam Back: Bitcoin (BTC) treasury trend becomes a new alt season for crypto speculators”
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