Cryptocurrency strategist Adam Livingston notes that firms like MicroStrategy and Metaplanet are leading the speculative assault on fiat currency by raising capital in US dollars and converting it directly into Bitcoin (BTC).

This strategy has withdrawn liquidity from the traditional financial system while shifting value to Bitcoin, as a way to escape fiat money while still operating within that ecosystem.

Leading Companies in the Bitcoin Treasury Shift

  • Public companies currently hold 833,214 BTC, equivalent to over 89.21 billion USD

  • Private enterprises own 421,641 BTC, valued at 45.14 billion USD

Top Public BTC Holders:

  • MicroStrategy: 592,345 BTC (63.42 billion USD)

  • Marathon Digital, Twenty One Capital, Riot Platforms, CleanSpark, Metaplanet

Top Private BTC Holders:

  • Block: 140,000 BTC (14.99 billion USD)

  • Tether: 100,521 BTC

  • Xapo Bank: 38,931 BTC

  • BitMEX, Mt. Gox also participate

What are these businesses doing?

Livingston clarifies that these companies are not just holding assets but are also systematizing the conversion of fiat money to Bitcoin:

"They raise cash, buy BTC and repeat, as if draining liquidity from the fiat system," he shared on X.

This tactic erodes traditional cash flows while redirecting value to a decentralized asset.

Implications for Fiat Money

Livingston warns if this trend accelerates:

  • Fiat money like the US dollar could lose its dominant position

  • Bitcoin could become the global pricing standard for assets

  • Enterprise value could be calculated in BTC per share instead of profit

Stock Prices Soar: A Sign of a New Valuation Standard?

  • MicroStrategy stock:
    +153.46% year-over-year | +28.87% in 2025

  • Metaplanet stock:
    +1,346.60% year-over-year | +316.78% in 2025

Investors are favoring Bitcoin-rich balance sheets, which could completely reverse traditional valuation methods.

Global Liquidity Leak: The Bitcoin Demand Spiral

Livingston calls this the "Bitcoin demand spiral":

  1. Publicly traded companies

  2. Use the proceeds to buy BTC

  3. BTC price increases

  4. Stock prices rise

  5. Investors pour in more money → the loop continues

He likens this to a "currency leak" from fiat to Bitcoin, which is increasingly growing.

Conclusion

Livingston concludes that companies holding Bitcoin treasuries are the starting points of a Bitcoin-based financial system.

Are they merely storing value or are they creating the next global currency standard?

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Source: https://tintucbitcoin.com/bitcoin-kho-bac-pha-fiat-bat-ngo/

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