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Treasuries on the Bitcoin Standard Are Up by 143% on a Year-to-Date Scale
The recent surge in the value of treasuries held on the Bitcoin standard has sparked significant interest and debate within the cryptocurrency community. According to an update shared by Microstrategy Chairman Michael Saylor, these treasuries have seen a staggering increase of 143% year-to-date.
As stated by Saylor, this rise is a testament to the growing viability of Bitcoin as an asset class, with many institutions and corporations now recognizing its value and potential for long-term growth. The sheer magnitude of this increase has not gone unnoticed, with many experts weighing in on what these numbers mean for the broader crypto market.
The concept of treasuries held on the Bitcoin standard is relatively new but gaining traction rapidly. It involves institutional-scale holdings of Bitcoin by entities such as governments or companies, mirroring traditional fiat reserve practices. This approach allows these institutions to diversify their portfolios and potentially capitalize on the growth opportunities afforded by cryptocurrency markets.
The term “Bitcoin Standard” was first popularized by economist Saifedean Ammous in his book “The Bitcoin Standard”. Since then, we have seen significant adoption, with companies like Microstrategy leading the charge. The business intelligence firm has taken a bold step into the world of cryptocurrencies, accumulating an impressive 423,650 BTC (worth approximately $41.5 billion at current prices). This massive holding now represents over 2% of the total 21 million Bitcoins that will ever exist.
The notion of countries adopting this standard is not far-fetched either. El Salvador has already made headlines by making Bitcoin legal tender in the country and holding it as a national reserve, viewing it as a means to secure wealth and promote financial inclusion. With Donald Trump’s administration expressing interest in setting up a strategic Bitcoin reserve upon taking office, the potential for widespread adoption is undeniable.
The recent all-time high reached by Bitcoin, which has hit $106,352, further solidifies its appeal as an asset class worthy of consideration.
Source: www.crypto-news.net
