It has been a whirlwind week within the cryptocurrency arena, with Bitcoin 2025 having last week wrapped up in Vegas, igniting a wave of enthusiasm among pundits around the world.
Before lunchtime last Wednesday, the US Vice President revealed at the event that he personally owns bitcoin, while Pakistan’s cryptocurrency minister pledged to establish a strategic bitcoin reserve.
Adding to the enthusiasm last month, bitcoin exceeded US$110,000 for the first time, trading as high as US$111,680 and celebrating its highest monthly close ever at US$104,660.
Politics aside, the world’s largest cryptocurrency is cementing itself into the mainstream with UEFA Champions League winner, PSG, becoming the first major football club to confirm holding bitcoin in its treasury. Also making news is Meta’s proposal to establish its own bitcoin treasury, which was promptly blocked by its shareholders with 95 per cent voting against the proposal.
Commenting on these announcements, Coinstash founder Mena Theodorou said: “This is a win-win move, creating further proof of bitcoin’s value as a store of value and providing the football powerhouse with a strategic route to bringing global crypto-enthusiasts into its fanbase.”
On Meta’s shareholders’ overwhelming rejection, Mena added: “Investors will want to see more examples of success in companies taking this approach before they view corporate crypto treasuries as a good idea overall.”
“Greater institutional support and further consumer-side benefits would certainly help build the case and as far as that goes, Bitcoin 2025 made it clear there is plenty on the horizon to get excited about.”
Also helping build this case was GameStop’s recently announced purchase of 4,710 bitcoin – worth some half a billion US dollars – in a succinct one sentence statement on its website to the apparent chagrin of its shareholders.
Whether or not they secure shareholder backing, these moves by some of the world’s largest corporations underscore one side of bitcoin’s narrative – its role as a store of value. Over time, this aspect has continued to gain traction and support.
Still, it doesn’t impede the fact that bitcoin was first created to be a peer-to-peer electronic cash system and not an asset class.
Its creator(s), Satoshi Nakamoto, in their bitcoin white paper more than 15 years ago, outlined their core vision for the coin – to enable people to transact directly with one another without the need for banks or intermediaries.
“As the network matured and its fixed supply became better understood, the store-of-value narrative gained traction. People started to view it more like digital gold, especially as it proved to be secure and decentralised,” Theodorou told InvestorDaily,
In a move that aligns more closely with the coin’s intended purpose, US fast-food chain Steak ‘n Shake announced last month it would accept bitcoin as a form of payment. Its chief operations officer Dan Edwards made the claim in his Bitcoin 2025 address last week that payments made via bitcoin are 50 per cent cheaper and notably faster than card transactions.
“If these claims are solidified through further success in the rollout, you can expect other major players in the fast-food category to consider following suit,” the Coinstash co-founder said.
Similarly, American tech company Block announced it would launch bitcoin payments on Square – a capability it promised to showcase at Bitcoin 2025 last week.
What makes bitcoin so unique, Theodorou highlighted, is that its use as a medium of exchange, as well as a store of value, can coexist.
“Both narratives can exist at the same time. In some parts of the world, it is used every day for things like remittances and peer-to-peer payments. In others, it is held as a long-term investment or a hedge against inflation,” he said.
“As adoption grows and payment infrastructure improves, we are seeing bitcoin being used more for its original purpose, while still holding onto its value as a long-term asset. It is this versatility that makes it so powerful across different economic environments.”
A symbiosis
Trent Barnes, principal at Zerocap, described bitcoin’s use as both a store of value and medium of exchange as no happy accident, but rather a natural consequence.
“One needs the other to be true,” Barnes told InvestorDaily.
“Bitcoin can’t function as a medium of exchange without first being trusted as a store of value. While we are seeing growing usage in emerging markets for cross-border remittance, Africa being a prime example, the dominant narrative is still very much centred on bitcoin as a macro hedge and balance sheet asset.
“Just look at the current incumbents: Strategy (MicroStrategy), Metaplanet, Twenty One Capital, Nakamoto, and now GameStop, all positioning bitcoin as a reserve asset and, in effect, a proxy for bitcoin exposure.”
However, Barnes further pointed out that while the infrastructure for medium-of-exchange utility is improving, issues such as transaction speeds and scalability act as hurdles.
“So while that narrative is building, I don’t think we’re quite there just yet.”
Navigating bitcoin’s business case
It’s Meta’s bid to form a strategic bitcoin treasury that reminds us that shareholder sentiment matters. This is especially true for public companies, which still have governance and fiduciary responsibilities to keep front of mind.
“Factors like risk appetite, regulatory clarity and how bitcoin is perceived all influence how these decisions are made and received,” Theodorou said.
“That said, we are already seeing a gradual shift. As more high-profile companies and institutions add bitcoin to their balance sheets, whether for diversification or long-term hedging, it is helping to build broader confidence in the asset.”
Barnes notably pointed out that, in the case of Meta, shareholders invest in line with the $1.7 trillion company’s operating model and aren’t interested in a pro-cryptocurrency rebrand.
“That’s why BTC treasury allocations can feel off-brand for large caps; they’re not looking to reframe their identity. But for small to mid caps, it’s a different story,” he said.
MicroStrategy is the perfect example of a company that did indeed reframe its identity. One of the first publicly traded firms to adopt bitcoin as its primary treasury reserve asset, in April it added another 6,556 BTC to its balance sheet and brought its total holding to 538,200 BTC.
“[MicroStrategy] went from a relatively obscure business analytics firm to a bitcoin proxy. In many ways, this move acts like a rebranding strategy that captures a new investor base and narrative,” Barnes said.
“The challenge with large caps is scale and expectation, public market investors don’t want optionality in the form of volatility. And let’s be honest, most bitcoin treasury strategies today are long-term accumulation theses. It’s conviction capital, not active treasury management. That works for some profiles, but definitely not all.”
As at Tuesday, 5pm (AEDT), bitcoin was trading at US$105,316.
