Publicly traded firms now own Bitcoin valued from $7.2 billion to $20 billion, up over a year. Bitbo data reveals that there is a 177.7% increase in value as 42 publicly traded firms currently have 335,249 Bitcoin overall.
Purchasing almost 21,000 BTC in August 2020 to utilize as its principal savings asset, MicroStrategy, a company in business analytics, started the trend. MicroStrategy is clearly very dedicated to cryptocurrency since, as of August 2024, it has 226,500 BTC.
Nickel Digital Asset Management paid for a poll to find out how people feel about Bitcoin as a reserve asset because institutions are becoming more interested in it. A total of 200 institutional investors and wealth managers from the US, UK, Germany, Singapore, Switzerland, Brazil, and the UAE filled out the poll. The results show that BTC has a lot of support.
Seventy-five percent of groups that are already working in the crypto space think that BTC should be held by publicly traded companies. Also, 26% of those who participated strongly support Bitcoin’s role as a reserve currency.
Bitcoin’s Role As a Reserve Asset Poised To Expand
Nickel Digital pointed out that the people who answered the poll and are in charge of $1.7 trillion in assets believe that publicly traded companies will hold more BTC in the future.
58% of those polled think that within the next five years, 10% or more of publicly traded companies will have BTC on their balance sheets. Also, 8% think that at least 25% of large companies will start using Bitcoin during this time.
Anatoly Crachilov, CEO and founding partner of Nickel Digital, spoke about the results and said that the data shows that institutional buyers see BTC as having long-term value.
There are a maximum of 21 million Bitcoins in circulation, so the 335,249 BTC owned by public companies only make up 1.6% of that amount.
Bitcoin’s role as a reserve asset is likely to grow even more in the coming years as business interest continues to rise.
