Unless and until public equities are price quoted in Bitcoin, salaries are paid in Bitcoin, credit is denominated in Bitcoin, and/or vendors are paid in Bitcoin, I think the vast majority of companies will be just fine without it. Why? Because I can buy Bitcoin and safeguard it for myself more cheaply and effectively than public companies can. I don’t need a non crypto expert diverting attention and capital away from their main business to get me exposure to bitcoin. If anything, they’re more likely to introduce senseless risk.
Public companies are destroying economic value of their shareholders by holding a large allocation to an asset that is guaranteed to devalue. Holding bitcoin on your balance sheet is contrarian today. Eventually it will be consensus. I explain to @SquawkCNBC this morning.
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