Matt Hougan advised purchasers that MicroStrategy’s Bitcoin roadmap represents a “bona fide megatrend” poised to propel extra corporations into adopting BTC as a reserve asset.
Bitwise chief funding officer Matt Hougan predicts a surge within the variety of firms including Bitcoin (BTC) to their treasuries, pushed by MicroStrategy’s affect and shifting regulatory headwinds within the U.S. underneath President-elect Donald Trump’s administration.
In a analysis observe, Hougan mentioned the success of spot BTC exchange-traded funds and growing crypto adoption within the U.S. has helped dispel Bitcoin’s prior reputational dangers.
Latest adjustments to accounting guidelines have offered extra incentives for corporations contemplating including Bitcoin to their steadiness sheets. In December, the Monetary Accounting Requirements Board launched new reporting necessities underneath ASU 2023-08.
The up to date guidelines enable establishments to mark down Bitcoin worth slumps whereas additionally adjusting their disclosures when the value appreciates. This represents a notable shift from the earlier guidelines, which required corporations to deal with Bitcoin as an intangible asset — that means corporations may solely report worth declines, with no provision for noting worth will increase.
If 70 corporations have been prepared so as to add bitcoin to their steadiness sheets when, from an accounting perspective, it actually may solely go down, think about what number of will add it to their steadiness sheet now. “200? 5 hundred? A thousand?
Matt Hougan, Bitwise CIO
Hougan’s observe was shared days earlier than Trump’s swearing-in, scheduled for Jan. 20, and hours after MicroStrategy bolstered its BTC horde. Michael Saylor, MicroStrategy’s government chairman, mentioned the corporate holds round 450,000 BTC, which is valued north of $43 billion and plans to purchase extra.
In 2024, MicroStrategy spent $22 billion buying 258,320 BTC — greater than the full 218,829 BTC produced by miners all through the whole yr. Saylor has indicated that his agency intends to amass a further $42 billion in Bitcoin, a sum that will account for almost three years’ value of newly mined BTC provide.
