It is not about what politicians say they will do, but what the incentives lead them to do. Thomas Sowell.
One of the main objections that rise against the adoption of Bitcoin by governments is that Do not be sustainable in time. What will happen when Bukele or Trump finish your periods? If before the government was contrary to Bitcoin, this can be so, right?
We know that political awkwardness is a refined art, and although it seems counterintuitive, the interests of the leader in turn are not always identified with the interests of the nation, or, even less, of its citizens. For more legislative gadgets that are conjured to establish Bitcoin as a lasting public policy, always the willingness (and the policy of going against the rival party can be imposed, even against all logic.
Therefore, as economist Thomas Sowell says in the epigraph’s appointment, you have to think about incentives, or, in other words, follow money. For Bitcoin to circulate stable in a country like the antidote that is, it must be injected into the veins of the state. And in a country like the United States, the heart that pumps blood is in finance and corporations.
Corporate treasury are becoming The infiltrated Trojan horse in the veins of the state.
That the institutional purchase of Bitcoin is the tendency of this cycle is a statistical truth. Many Bitcoiners complain that Bitcoin is being captured by regulated agents, but, at the same time, they are there, giving him their holdings of the most scarce asset in history to the Saylors and Blackrocks of the world:
In 2024, the approval of the Bitcoin ETF Spot gave the first thrust, but we see that in 2025 it is the businesses that have taken the fore. Let’s look at another chart to understand it better.
It can be seen that the trend was quite horizontal for several years, almost with Strategy being the only corporate actor in constant accumulation, along with sporadic purchases of block and specific purchases of Tesla. But since November 2024, coinciding with the election of Donald Trump as 47th President of the United States, corporate accumulation shot.
Although the government of the world’s main economic power is favorable to Bitcoin raided the land for this adoption, the work done by Strategy and its founder Michael Saylor to promote the corporate thesis of Bitcoin and The call Infinite money failure They were definitive to consolidate the new wave of business adoption.
Taking advantage of the fact that Strategy actions are often negotiated at a higher price than the value of their Bitcoin reserves, this allows you to issue new shares, raise capital and buy more bitcoin, which feeds the cycle and drives the expansion of the strategy. We already saw this in another editorial, when we showed how Bitcoin saved Strategy from irrelevance.
This is the opportunity that, after four years after Strategy’s first purchase, They are beginning to see other companies in the world.
Almost none of the shares of companies of the S&P500, an index that follows the five hundred large companies in the United States, and comprising approximately 80% of the total market capitalization of public companies in the United States, has an attractive price activity.
The only companies whose actions rise considerably, except exceptions, are the so -called 7 magnificent (MAG7): Microsoft, Apple, Nvidia, Alphabet, Amazon, Meta and Tesla. These are volatile companies. Of the rest, they are all very stable. So stable, that their price graphics seem electrocardiograms of the dead. And that’s why nobody trades them. This is ratified year after year.
In 2023, the MAG7 collectively rose 75.71%, while The S&P 500 grew 24.23%. In 2024, the MAG7 won 63%, exceeding significantly to the S&P 500, which rose 20%. Six of the seven (all except Microsoft) exceeded the index, with NVIDIA leading with an increase of 171%.
The majority of the United States companies remain in the same irrelevant stability in which Strategy was for years. Hence Michael Saylor calls them zombies companies: they are not dead, but don’t live either.
This concentration of yields in few companies not only happens in the United States, but in most of the world’s bags, as Goldman Sachs notes in their report on report on Vulnerabilities for actions in 2025. In the following graphics, we can see how the weight of the top 25 of the main actions in the world’s bags is in growing concentration, while the number of actions that effectively move an index, is in fall.
Before such a panorama, Bitcoin’s adoption thesis can look as the opportunity that these companies needed to get out of irrelevance. We already know that Strategy has worked for Strategy. And the Japanese metaplanet, and the French blockchain Group, ratify that the strategy can work in any market in the world:
These examples show the global attraction that Bitcoin corporate treasury initiatives are having. The game has logic: you accumulate the most scarce asset in the world, your investors use you as a means to expose themselves to Bitcoin’s volatility without buying BTC; The value of your actions rises, so you have a differential premium between your Bitcoin holdings and the value of your actions, so you can afford to issue more actions to buy more bitcoin; And so The virtuous circle continues.
Of course, all this happens as long as the price of Bitcoin continues to rise, and while your investors are willing to assume the cyclic falls of Bitcoin as opportunities for greater accumulation.
This year we have seen how this logic has been multiplying, both among companies that want to join the accumulation career and take advantage of themoney failure infiniteas among investors who are looking for the next company to jump on the Bitcoin train to invest their money. Even companies are being founded with this intention. Thus was born XXI, led by the Bitcoiner Jack Mallers, and Nakamoto, founded by the CEO of BTC, inc. David Bailey. And this week the media company Trump Media, announced its collection to buy Bitcoin.
But they are not the only ones: Coinbase, Tesla, Block, Mara, Gamestop, Semler Scientific, Rumble are also among the more than one hundred public companies that have Bitcoin. At the moment, 94% of Bitcoin corporate holdings are found in American companiesaccording to River data.
Obviously, this virtuous circle will not last forever. There will come a time when so many companies will have wanted to take advantage of the opportunity, which will cease to be: there will be so many, that the capital will be too distributed among companies.
But that is good for Bitcoin.
It is at that point that Bitcoin will be so introduced in business finances that the health of the economy of the countries It will end deeply influenced by Bitcoin’s health.
Seeing the case of the United States, which is where more public contribution companies have adopted Bitcoin, the opportunity is just being born. Only four of the five hundred companies of the S&P500 (Tesla, Blackrock, Coinbase and Block) have bitcoin; While, in Nasdaq 100, the number grows to 4 by adding Microstrategy.
With the future growth of Bitcoin’s price, this will imply two things: first, that more zombie companies of the main US indices begin to buy; and that those that do not buy, end up being displaced from the indices by those public contribution companies that have adopted Bitcoin. If this seems exaggerated, remember that in less than twenty years Bitcoin went from worth nothing to being in the top 5 of the most valuable assets in the world. And he still has a way to go.
To the extent that the number of companies with corporate treasures grow, More dependent will become the American economy of Bitcoin. The main banks are already hurried for offering financial services with Bitcoin to these companies, their main clients. An entire infrastructure of financial services, in which companies can use their BTC as a collateral for loans, will be built. This is when incentives come into play: Bitcoin enters the logic of TOO BIG TOO FAIL.
In a sufficient degree of adoption, this would change the regulatory approach forever, regardless of the government on duty. Protecting the economy would end up being equivalent to protecting Bitcoin. This is already on their way to the laws that advance both at the federal and state level.
But, also, the United States itself has already identified Bitcoin as a tool to reduce the country’s debt by half, as expressed in the strategic reserve project of Senator Cynthia Lummis. If this project advances successfully, it will be the definitive consolidation for Bitcoin in the United States.
But, as we said at the beginning, Bitcoin treasury are a global phenomenon and will not stop replicating in the different markets of the world. So this same scenario will be repeated in other latitudes with their respective nuances. In addition, adopting a Pro-Bitcoin position could attract investments, foster technological innovation and position a country as a leader in digital finances. This was already the case with El Salvador, now with the United States, and now Pakistan begins to join.
As we see, there are many potential consequences of the growth of corporate treasury, but everything indicates that it will be the definitive Troy horse that will change the incentives of politicians forever to maintain a favorable disposition to Bitcoin. In a nutshell, we already won.
