Bitcoin Adoption Rallies as 80% More Public Companies Bought in 2024: Report
The rate at which corporate and private institutions adopt the Bitcoin standard has surged extensively in the past year as the asset continues to go mainstream.Confidence in Bitcoin has grown faster than that of any other asset class in history. The pioneering cryptocurrency has seen staggering mainstream adoption recently, mirroring that seen in the internets early days.A recent report details this growing embrace of the asset, once seen as a bubble. According to the piece published by Bitcoin-only financial institution Rivers Financial, the adoption rate has increased extensively in the past two years.Public Companies Massively Stacking BitcoinThe Tuesday report discloses that the adoption rate among public companies has increased by an impressive 80% since January 2024, with 81 firms now holding Bitcoin on their balance sheets. Reminiscing further backward, the numbers have grown by 139% since 2023, with three Nasdaq 100 and two S&P 500 companies now adopting the Bitcoin standard.Notably, this escalating adoption follows the burgeoning feat Strategy (formerly MicroStrategy) achieved by simply adopting Bitcoin as its primary reserve asset. For context, its stock MTSR has surged a jaw-dropping 1,752% in five years, recently entering the Nasdaq 100, due to its impressive performance.Recently, public firms like Matador, Kurl Technology, Rumble, and Metaplanet, to mention but a few, adopted the Bitcoin standard. This bias has further indicated confidence in the largest cryptocurrency by market cap.
Text source: The Crypto Basic
