Treasuries on Bitcoin Standard are up 143% on a year-to-date scale attracting positive comments from the crypto community on the viability of Bitcoin as an asset class.
The development was revealed by Microstrategy Chairman Michael Saylor via an X post sharing a trading view chart as proof of his assertions.
“Treasuries on the #Bitcoin Standard are up 143% YTD” Michael Saylor tweeted while sharing a chart to that effect.
Treasuries in Bitcoin refer to large, institutional-scale Bitcoin holdings held by entities like governments or companies like how they would hold traditional treasuries like government bonds as reserves
The term “Treasuries on the Bitcoin Standard” refers to the practice of holding Bitcoin as a reserve asset by institutions, corporations, or even nations, in place of traditional fiat currency reserves like U.S. Treasury bonds.
The Term Bitcoin Standard was made popular by economist Saifedean Ammous in his book The Bitcoin Standard” birthing the concept of “Treasuries on a Bitcoin standard”.
Companies like Microstrategy are good examples of firms with treasuries in Bitcoin pivoting into Bitcoin in 2020 during the pandemic and never looking back.
Today, Bitcoin is the key store of value for the Business intelligence firm and they own a staggering 423,650 BTC worth close to $41.5 billion at current prices.
MicroStrategy currently holds over 2% of the 21 million bitcoins that will ever exist.
Countries can also subscribe to the Bitcoin Standard by holding large reserves of Bitcoin as opposed to Fiat.
El Salvador made headlines by making Bitcoin legal tender in the country and holding Bitcoin in its national reserves, viewing it as a means of securing wealth and fostering financial inclusion.
The United States is set to follow suit with Donald Trump recently confirming that his administration hopes to set up a strategic Bitcoin reserve upon assumption of office.
Bitcoin broke a new all-time high following the speculations hitting $106,352 in the early hours of today.