Possible Bitcoin treasury adoption as more companies cite inflation concerns
April 27, 2021. Summarized by summa-bot.
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More U.S. firms could be considering adding Bitcoin to their balance sheets as 47 S&P companies cite the term “inflation” in their Q1 2021 earnings calls, the highest since 2011.
According to a report by financial market data provider FactSet on Monday, this figure represents the highest number of companies to do so in the last decade.
Back in August 2020, business intelligence outfit MicroStrategy made headlines when it announced its first Bitcoin (BTC) purchase.
On Monday, Tesla announced the sale of $272 million worth of Bitcoin — about 10% of its BTC holdings — in the company’s Q1 financial report.
Tesla first revealed its BTC ownership back in February, announcing that it has purchased about $1. 5 billion worth of Bitcoin.
With inflation expected to continue in its upward trajectory at least in the short term, more U. S. companies might convert some of their cash reserves to Bitcoin.