- Corporate institutions now hold bitcoin as a store of value
- Presently, companies hold over 700,000 BTC
A recent report by Arcane Research has shown that corporate institutions are making more demands for popular crypto asset, Bitcoin, more than ever.
Presently, over 700,00 BTC is being held by both private and public firms which is over $10 billion when converted to fiat currency.
Microstrategy has recently increased its total holding of Bitcoin to as much as 38,000 BTC which is over $416 million. Square had also announced its intention of holding at least a percent of its total assets in the cryptocurrency.
Square’s current holding would translate to over 4000 BTC.
Ever since the announcement of Square and Microstrategy intention on holding Bitcoin, it has been discovered that more private and public companies were throwing their hats into the crypto industry.
BitcoinTreasuries.org also made it known that public traded companies held as much as 610,302 BTC ($7.9 Billion) while 175,697 BTC ($2.3 Billion) is being held by private companies.
Bitcoin adoption on the rise
The level of Bitcoin adoption has grown exponentially lately. Many players in the crypto industry have seen an increased rate of participation by corporate institutions who are beginning to see BTC as a store of value and as a means of carrying out a seamless and fast transaction.
Financial behemoth companies like PayPal have also enabled crypto features to their transaction gateway which would enable their users enjoy these crypto enabled transactions.
Not only that, countries have also started working on a central bank digital project. This project is being carried out by central banks of these countries with the aim of coming up with a digital currency that will complement their physical cash.
Countries like China, Bahamas, Russia, Japan and other have made a steady growth in their project with some of them already implementing digital currency into their economy.