At the recent MicroStrategy World: Bitcoin for Corporations conference, Alex Thorn, Head of Research at Galaxy Digital, provided valuable insights into the evolving landscape of Bitcoin adoption by Wall Street and corporations.
In an interview with Bitcoin Magazine, Thorn explored how Wall Street has begun to embrace Bitcoin, the dual nature of Bitcoin’s role as both a treasury asset and a technological tool, and how institutional investors are starting to see bitcoin as more of a safe haven asset.
When asked whether corporations are more likely to view Bitcoin (BTC) as a treasury asset or utilize its underlying technology, Thorn acknowledged that there would likely be some of both.
“That’s the same question we have about regular users,” he noted. Drawing on insights from David Marcus of LightSpark, who also spoke at the event, Thorn highlighted how Bitcoin’s use varies by region and need.
Thorn emphasized the potential for corporations to leverage Bitcoin technology for global money transfers. Companies could benefit from solutions like LightSpark, OpenNode, and Voltage, which facilitate the use of Bitcoin’s Lightning Network as a payment rail without necessarily holding the asset.
The conversation then shifted to Wall Street’s adoption of Bitcoin and the effect of the spot Bitcoin ETFs. Thorn confirmed that Bitcoin is becoming more normalized, partly due to the proliferation of accessible investment vehicles like spot Bitcoin ETFs.
Thorn also pointed out the macroeconomic factors driving Bitcoin’s attractiveness. He noted a growing acknowledgment among financial leaders about the unsustainability of US national debt, which has traditionally been a viewpoint held by gold advocates.
Addressing the potential impact of spot Bitcoin ETFs on corporate treasuries, Thorn drew parallels with the gold market post-2006, following the approval of the first gold ETF.
Thorn observed a growing curiosity among long-term investors like endowments and pensions, who are re-engaging with Bitcoin after initial hesitations.
Finally, the discussion touched on the generational dynamics influencing Bitcoin adoption. Thorn highlighted the role of financial advisors in introducing bitcoin to older demographics through spot Bitcoin ETFs on wealth management platforms.
In conclusion, Alex Thorn’s insights from the conference underscore the multifaceted future of Bitcoin. Whether as a treasury asset, a technological tool, or a macroeconomic hedge, Bitcoin’s role is expanding as generational shifts occur and spot Bitcoin ETFs become more prevalent.
