Dear Readers,
Bitcoin has had a number of use cases over its lifetime: Some people use it when they buy and sell goods and services; others use it for speculative day trading; and a large number of people use Bitcoin as a tool for savings.
In 2021, the big story in Bitcoin adoption centered on Corporate America deploying Bitcoin as a treasury asset on their balance sheets. Companies large and small were converting their fiat holdings into Bitcoin at an accelerating pace. Bitcoin was in the midst of a bull run and so, as can be imagined given the excitement of the time, companies deploying a Bitcoin treasury strategy were lauded as visionaries.
Fortunes have seemingly reversed this year. Bitcoin’s fiat-based exchange rates have plummeted across the board over the past many months. If there are any companies taking their first steps towards using Bitcoin as a treasury asset, they’ve been keeping the news to themselves as much as possible.
Bear markets and FUD are certainly poor for morale, especially when it comes to business and profits. However, at least within the United States, there may be another reason why companies are reluctant to convert their fiat into Bitcoin:
