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The adoption of Bitcoin

BTC

R$ 576,944

by corporate treasuries of listed companies has become the new "altseason" for cryptocurrency speculators, said Adam Back on Monday.

"The Bitcoin treasury season is the new ALT SZN for speculators," said Back, co-founder and CEO of Blockstream and inventor of Hashcash. "Time to dump ALTs into BTC or into companies with BTC treasury," he added.

Companies with Bitcoin treasury are buying BTC "repeatedly to increase Bitcoin per share," resorting to different financing methods such as convertible note offerings to accumulate more of the world's first cryptocurrency, making them attractive to investors, Back explained.

His comments come amid a growing wave of corporate adoption of Bitcoin, which has caused the number of public companies with Bitcoin to double since June 5.