In a recent trend, 10 companies have embraced Bitcoin in their corporate treasuries, while Microsoft has declined. Bitcoin, often called “digital gold” with a fixed supply of 21 million coins, is seen as a hedge against currency devaluation and inflation. It also offers a balance to traditional assets and is highly liquid with long-term value appreciation, reaching an all-time high of over $108,000 on Dec. 17.
However, risks abound. Its extreme price volatility can lead to losses, regulatory uncertainties are a threat as policies evolve, and liquidity challenges in market slumps can worsen price drops. Microsoft’s board, following Bill Gates’ crypto skepticism, nixed a Bitcoin treasury proposal. Gates has dismissed crypto as “100% based on greater fool theory”.
Genius Group, an AI-powered education group, has made significant Bitcoin purchases, totaling 304 coins worth about $28 million, following a “Bitcoin-first” strategy. Worksport, a pickup truck solutions provider, is adding Bitcoin and XRP to its treasury after a board resolution. Amazon shareholders are urging the company to assess Bitcoin’s potential benefits, citing its growth and inflation hedge qualities.
MicroStrategy, led by Michael Saylor, is the top corporate BTC holder with 439,000 coins. Marathon Digital Holdings, a major Bitcoin miner, owns 44,394 BTC and adopts a “full HODL approach”. Tesla, which initially bought $1.5 billion worth of Bitcoin in 2021 and holds 9,720 BTC, reportedly moved some Bitcoin to unidentified wallets. Coinbase, a cryptocurrency exchange, holds 9,480 BTC and oversees others’ Bitcoin treasuries. Hut 8 Mining Corp added 990 Bitcoin, spending $100 million to increase its holdings to 10,096 BTC. Block Inc. (formerly Square) holds 8,027 BTC and is pivoting towards the cryptocurrency mining sector. OneMedNet Corp. owns 34 Bitcoins, inspired by Saylor’s vision.
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