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Blockstream CEO Says Strategy and Bitcoin Treasury Firms Could Propel BTC to $200T Market Cap
April 29, 2025
Blockstream co-founder and CEO Adam Back suggests that firms with Bitcoin-focused treasuries like Strategy could push BTC to a $200 trillion market cap. Adam Back made the suggestion recently, emphasizing that Strategy (formerly MicroStrategy) and other Bitcoin treasury companies are arbitraging the gap between Bitcoin’s future value and today’s fiat world.
This approach has seen Strategy and others emerge as early bettors on ‘hyperbitcoinization’. They put large portions of their cash reserves into BTC, expecting the cryptocurrency to appreciate significantly over time, unlike fiat currencies, which they believe will depreciate.
Driving Hyperbitcoinization
Back, along with many Bitcoin proponents, defines hyperbitcoinization as a theoretical tipping point where Bitcoin overtakes all fiat money to become the global reserve currency, store of value, and medium of exchange.
In a follow-up comment, Back noted that the key driver of this transformation is Bitcoin’s ability to outperform both inflation and interest rates over four-year cycles consistently.
Notably, reaching the $200 trillion market cap demands a huge spike of 10,595% from Bitcoin’s current valuation of $1.87 trillion. At this valuation, 1 BTC will be worth $10 million, assuming 20 million BTC coins are in circulation.
This $10 million target outpaces Back’s previous Bitcoin prediction of $1 million, which he projects will materialize this cycle.
Strategy Leads Corporate Bitcoin Adoption
Meanwhile, Strategy has continued to lead the charge in corporate Bitcoin adoption. Yesterday, it announced the purchase of 15,355 Bitcoin, bringing its total Bitcoin holdings to 553,555 BTC, worth around $52 billion.
So far, Strategy’s Bitcoin accumulation spree has been lucrative, with the company seeing an unrealized profit of $14 billion.
Other firms around the globe are leveraging Strategy’s Bitcoin playbook to convert their cash holdings to BTC. For instance, Japanese investment firm Metaplanet has acquired 5,000 Bitcoin and plans to acquire another 21,000 BTC by 2026.
Corporate Bitcoin Balance Grows By Nearly 100K BTC in 30 Days
Meanwhile, fresh data from André Dragosch, Bitwise’s Head of European Research, shows widespread adoption of Bitcoin among corporate entities. According to the data, corporate Bitcoin balance has soared by nearly 100,000 BTC over the past month.
The reported Bitcoin balance at the end of Q1 2025 stood at around 656,618 BTC. However, the balance has increased to 746,302 BTC in less than a month, marking a surge of 80,684 BTC from what was reported in Q1 2025.
Corporate Bitcoin balance
It is worth noting that Dragosch shared the data before Strategy announced its acquisition of 15,355 BTC. This indicates that the corporate Bitcoin balance has increased by 95,000 in one month.
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