Bitcoin Treasury Adoption Replaces Altcoin Speculation Trend: Adam Back
Bitcoin treasury adoption by public companies is increasing, with the number of firms holding Bitcoin doubling since June 5, reaching at least 240 companies. These firms are utilizing various funding methods, such as convertible note offerings, to accumulate Bitcoin, which now accounts for approximately 3.96% of the total BTC supply. Adam Back, co-founder of Blockstream, likened this trend to an "altcoin season" for speculators, suggesting investors should consider converting altcoins into Bitcoin. He predicts that institutional and government adoption could position Bitcoin as a $200 trillion market opportunity. However, concerns arise regarding shareholder premiums, as seen with Metaplanet's Bitcoin premium exceeding $596,000. Corporate interest is evident, with companies like Mercurity Fintech and The Blockchain Group planning significant Bitcoin treasury reserves. Altcoins are also seeing institutional interest, as demonstrated by Interactive Strength's plans for a Fetch.ai token treasury.
