In recent years, companies like MicroStrategy, Tesla, and MEI Pharma have made Bitcoin their main store of value, partially abandoning traditional cash. But what does this strategy consist of, and why does it attract so many companies?
🔍 What is a Bitcoin Treasury Strategy?
It consists of allocating part (or all) of a company's financial reserves to Bitcoin, instead of keeping them in cash, bonds, or other traditional assets. The objective:
- Inflation protection: BTC has a limited issuance (21 million), unlike fiat money.
- Appreciation potential: Historically, it outperforms gold, stocks, and bonds in the long term.
- Global liquidity: Can be sold in minutes on regulated exchanges.
📈 Advantages
✅ Short term (1-2 years):
- Hedge against monetary devaluations (e.g., USD inflation in 2025: ~4.3%).
- Accounting gains if Bitcoin rises (e.g., MicroStrategy reported +$2.5B in unrealized gains).
✅ Medium term (3-5 years):
- Attraction of pro-crypto investors (increase in stock value, as happened with MSTR).
- Competitive advantage in technology and fintech industries.
✅ Long term (+5 years):
- Globally recognized reserve, similar to gold in the 20th century.
- Protection against banking crises (e.g., collapse of Silicon Valley Bank in 2023).
📉 Disadvantages and Risks
❌ Short term:
- Extreme volatility: BTC can fall 30% in weeks (e.g., crash to $60K in 2024).
- Regulatory issues: Some countries restrict corporate use of crypto.
❌ Medium term:
- Operating costs: Safe custody requires hardware wallets or outsourced services (e.g., Coinbase Custody).
- Shareholder pressure if Bitcoin enters "crypto winter".
❌ Long term:
- Technological risk: Quantum attacks or blockchain failures (although low probability).
- Competition from CBDCs that could displace BTC as a reserve.
🚀 Will More Companies Adopt BTC?
🔹 Yes, but gradually. Key factors:
1. Clear regulation: Approval of the CLARITY Act in the U.S. (2025) will provide legal certainty.
2. Institutionalization: Bitcoin ETFs will attract conservative companies.
3. Persistent inflation: If central banks do not control it, BTC will be a necessary alternative.
🔹 Candidate companies:
- Tesla (already has $1.2B in BTC).
- Square (by Jack Dorsey).
- Small banks in inflationary countries (e.g., Argentina, Turkey).
💡 Bitcoin as treasury reserve is a strategic bet with risks, but increasingly necessary in a world of inflatable money. Companies that adopt it early could gain financial and brand advantages, but must prepare for volatility.
Will the trend continue? All indications suggest yes, especially if Bitcoin surpasses $200K in this cycle.
