Blockstream CEO Adam Back suggests Bitcoin treasury firms like Strategy could drive BTC’s market cap to $200 trillion. This follows the idea of ‘hyperbitcoinization’, where Bitcoin outvalues fiat currencies. Strategy has recently bought significant BTC, accumulating 553,555 BTC in total. Corporate Bitcoin holdings have surged nearly 100,000 BTC in a month, indicating growing adoption among firms.
In a bold assertion, Adam Back, co-founder and CEO of Blockstream, posited that companies like Strategy, which focus on Bitcoin treasuries, could catalyse Bitcoin’s market cap to reach a staggering $200 trillion. This perspective highlights the growing trend of firms investing heavily in Bitcoin, essentially betting on its future value against the depreciation of fiat currencies.
Back emphasised that firms such as Strategy, previously known as MicroStrategy, are taking advantage of what he calls ‘hyperbitcoinization’. This term refers to the scenario where Bitcoin surpasses fiat currencies, essentially becoming the ultimate global reserve currency. These companies pour large percentages of their cash reserves into Bitcoin, anticipating significant appreciation unlike traditional currencies, which they expect to lose value over time.
This potential shift hinges on Bitcoin’s historical performance, particularly its consistent ability to outpace inflation and interest rates over four-year cycles. Currently, achieving a market cap of $200 trillion would require an astronomical increase of 10,595% from Bitcoin’s existing valuation of approximately $1.87 trillion. At such a valuation, each Bitcoin could be worth around $10 million, provided there are 20 million BTC in circulation.
Interestingly, this $10 million milestone eclipses Back’s earlier prediction that Bitcoin would hit $1 million, a figure he anticipates could materialise within this market cycle. Concurrently, Strategy has been making waves in the corporate Bitcoin adoption landscape, recently announcing the purchase of 15,355 Bitcoin, bringing its total holdings to 553,555 BTC, amounting to around $52 billion.
So far, Strategy’s aggressive accumulation of Bitcoin has been beneficial, yielding an unrealized profit of $14 billion. This approach is inspiring other corporations internationally to convert their cash reserves into Bitcoin, with firms like Japan’s Metaplanet reportedly acquiring 5,000 Bitcoin and setting a goal for an additional 21,000 BTC by 2026.
On a broader scale, recent findings released by André Dragosch, Head of European Research at Bitwise, showcase a substantial uptick in Bitcoin holdings among corporate entities. Data indicates that the corporate Bitcoin balance has surged by nearly 100,000 BTC in just a month. As of the end of Q1 2025, corporations held approximately 656,618 BTC, but that figure skyrocketed to 746,302 BTC, an increase of 80,684 BTC over a short time frame.
Importantly, it’s worth noting that Dragosch shared this data prior to Strategy’s latest Bitcoin acquisition. This means, in reality, the corporate Bitcoin balance may have grown by around 95,000 BTC in a single month.
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