Bitcoin has progressed from desk trading to corporate finance ministry, and by the end of the decade, according to one analyst, could become a standard practice.
“Across all different strategies and implementations, we expect by 2030, a quarter of the S&P 500 will have BTC somewhere on its balance sheet as a long-term asset,” Architect Partners partner Elliot Chun wrote in a market snapshot.
The strategy (holding Bitcoin as a Ministry of Finance’s reserve assets) was unorthodox when the strategy, previously known as the micro strategy, was first adopted in August 2020.
After that, CEO Michael Saylor’s very public embrace of Bitcoin turned the company into a de facto proxy for BTC exposure. Since then, MicroStrategy Stock has skyrocketed over 2,000%, far surpassing both the S&P 500 and Bitcoin in the same period, Chun pointed out.
GameStop is the latest company to follow the lawsuit, and this week announced it would raise $1.3 billion through a convertible memo to acquire Bitcoin. The stock initially surged after the announcement, but then withstanded the revision, falling almost 15% for a week.
Chun argued that the finances could face career risk right away, rather than buying Bitcoin, completely ignore it. “Doing nothing is no longer a defensible strategy,” he wrote.
According to data from Bitcointreasuries, public companies currently own 665,618 BTC, roughly 3.17% of the total cryptocurrency supply. The strategy holds a share of lion, 506,137 BTC.
Read more: US listed companies continue to adopt Bitcoin (BTC) Department of Treasury