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Blockstream CEO Adam Back has shared his outlook on how Bitcoin may influence the global economy, starting with how companies manage their balance sheets. In a recent post on X, he said that holding Bitcoin as part of a treasury policy could create large-scale financial change over time.
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According to Back, companies that adopt Bitcoin as a treasury reserve are responding to a gap between Bitcoin’s long-term price potential and the current fiat system. He wrote:
“A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. Scalable enough for most big listed companies to move to BTC treasury.”
He described this approach as both logical and workable, especially while Bitcoin continues to increase in value over multi-year periods at a faster rate than interest and inflation. That pattern, he argues, is the main reason the strategy works in the current environment.
“But not forever, the driver is Bitcoin price going up over four-year periods faster than interest and inflation. Post-hyperbitcoinization, mNAV probably trends to 1.”
Back referred to mNAV, or multiple of net asset value, which tracks how a company’s share price compares to the amount of Bitcoin it holds per share. As more businesses hold BTC, mNAV could become more stable, reflecting a shift in how companies are valued.
He also suggested that Bitcoin could one day be used as a standard for performance measurement. In his view, BTC might replace traditional benchmarks and become the rate companies aim to outperform.
The strategy mirrors what companies like Strategy have already done by holding Bitcoin on their balance sheets. Back believes such moves are not short-term bets but part of a broader process that could influence how value is measured in the future.