#BinanceHODLerNEWT Adam Back: The trend of holding Bitcoin is the new 'altcoin season' for crypto speculators.💥💥💥
Crypto speculators can offset some of their losses in altcoins by investing in Bitcoin or in BTC treasury companies, according to Adam Back, inventor of Hashcash.
#BinanceTGEXNY The adoption of Bitcoin as a reserve by public companies has become the new altcoin season for crypto speculators, Adam Back said on Monday.
The Bitcoin (BTC) reserve season 'is the new Alt season for speculators,' Back said, co-founder and CEO of Blockstream and inventor of Hashcash. 'It's time to swap altcoins for BTC or BTC reserves,' he added.
Companies with treasury in Bitcoin are buying BTC 'repeatedly to increase Bitcoin per share,' resorting to different financing methods, such as convertible bond offerings, to accumulate more of the world's first cryptocurrency, making them attractive to investors, Back explained.
His comments come amid a wave of growing corporate adoption of Bitcoin, which has seen the number of public companies holding Bitcoins double since June 5.
At least 240 public companies now hold Bitcoin, compared to 124 companies just a few weeks ago, representing about 3.96% of the total BTC supply, according to BitcoinTreasuries.NET.