Bitcoin Treasury Boom Becomes New Altcoin Season, Says Adam Back

Bitcoin Treasuries Replace Altcoins for Crypto Speculators Rising public company use of Bitcoin treasuries is revolutionizing crypto speculation, Blockstream CEO and inventor of Hashcash Adam Back informed this news outlet. In an article published on June 23, Back stated that “Bitcoin treasury season is the new ALT SZN,” and urged investors to exit altcoins and into BTC or firms stockpiling Bitcoin on their balance sheets. Public Companies Betting Big on Bitcoin Back’s comments follow a corporate Bitcoin buying spree. At least 240 listed corporations own Bitcoin as of late June—up from just 124 firms weeks before—accounting for nearly 4% of total BTC supply, as tracked by BitcoinTreasuries.NET. The firms are utilizing various financing methods, such as convertible note offerings, to purchase more Bitcoin and boost the value of their stocks. Strategic Play: Reclaiming Altcoin Losses As Back phrased it, Bitcoin treasury firms could also present altcoin buyers with a strategic point of entry to retrieve losses. “Perhaps they could offset their losses by converting to BTC via treasury companies,” he tweeted back. Corporate Momentum Gathers Pace The trend is picking up speed. Nasdaq-listed Mercurity Fintech will raise $800 million for a long-term BTC reserve fund, and Paris-based The Blockchain Group will accumulate $340 million for the same purpose. These moves are a sign of institutional trust in Bitcoin as a long-term vehicle. Altcoins Still in the Picture—For Now Despite speculative momentum having been lost, altcoins are not out of the spotlight entirely. On June 11, Interactive Strength, a fitness technology firm, said it would raise $500 million to build a Fetch.ai (FET) token treasury, showing selective institutional demand remains present. Bitcoin as a $200 Trillion Opportunity Back has been a Bitcoin dominance prophet for years, predicting that it could be a $200 trillion market with institutions and governments rushing in. Hyperbitcoinization is still on paper, but the sharp rise of BTC treasuries might be the strongest signal yet of the growing power of Bitcoin in the world financial system.

Source: BTC Pulse