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Title: Treasuries on the Bitcoin Standard Are Up by 143% on a Year-to-Date Scale
The cryptocurrency market has been experiencing significant growth recently, with various assets showing substantial gains. In a shocking revelation, it appears that treasuries on the Bitcoin standard have skyrocketed by an impressive 143% on a year-to-date scale.
Microstrategy Chairman Michael Saylor took to Twitter to share this extraordinary news, posting a trading view chart as proof of his claims. The astonishing figure has sent shockwaves through the crypto community, with many speculating about the implications of such growth.
For those unfamiliar with the term “Treasuries on the Bitcoin Standard,” it is essential to understand what this concept entails. Treasuries in Bitcoin refer to large-scale institutional holdings of Bitcoin held by entities like governments or companies, similar to how they would hold traditional fiat currency reserves like US Treasury bonds.
The notion of holding Bitcoin as a reserve asset by institutions, corporations, or even nations has gained significant traction in recent years. The concept was popularized by economist Saifedean Ammous in his book “The Bitcoin Standard.” Microstrategy is an exemplary instance of firms that have transitioned their treasuries into Bitcoin during the pandemic and have not looked back since.
The business intelligence firm now holds a staggering 423,650 BTC, valued at approximately $41.5 billion at current prices. This makes them the proud owners of more than 2% of the total 21 million Bitcoins that will ever exist.
Moreover, countries can also subscribe to this Bitcoin standard by holding large reserves of Bitcoin as opposed to fiat currency. The Central American country El Salvador has already taken a bold step in this regard, making Bitcoin legal tender and maintaining significant Bitcoin holdings in its national reserves. This move is seen as a means of securing wealth and promoting financial inclusion.
Interestingly enough, the United States government under the Trump administration is reportedly considering setting up a strategic Bitcoin reserve upon taking office, further solidifying the notion that treasuries on the Bitcoin standard are gaining momentum.
The surge to 143% YTD has undoubtedly sent ripples through the crypto space. The current all-time high of $106,352 in Bitcoin’s value has sparked widespread speculation and excitement about the prospects of the flagship cryptocurrency.
As it stands, institutional adoption continues to be a crucial factor in driving the growth of Bitcoin, with treasuries on the Bitcoin standard showcasing an impressive performance.
Source: http://www.crypto-news.net
