Adam Back, the co-founder and CEO of Blockstream and the inventor of Hashcash technology, said on Monday that the adoption of Bitcoin by public companies as a treasury reserve has become the "new altcoin season" for cryptocurrency speculators.

Back added: "The Bitcoin treasury season is the new altcoin season for speculators," continuing: "It's time to get rid of altcoins for Bitcoin or Bitcoin treasuries."

Back explained that Bitcoin treasury companies repeatedly buy BTCUSD with the aim of increasing the amount of Bitcoin per share, relying on various financing methods such as convertible bond offerings to accumulate more of the world's first cryptocurrency, making it attractive to investors.

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