As companies compete to accumulate Bitcoin (BTC), the balance of the traditional financial system is being shaken. Cryptocurrency analyst Adam Livingston diagnosed this as "not just a surge in demand, but a historic turning point".
Livingston recently stated on X (formerly Twitter) that "a structure is emerging where companies are absorbing most mined Bitcoin, which could lead to cracks in the fiat-centered system". According to his claim, listed companies currently hold 858,850 Bitcoin, valued at $93 billion (approximately 129.27 trillion won) at current market rates, which represents about 4.09% of total circulation.
At the center of this trend is MicroStrategy ($MSTR). The company has secured approximately 597,325 BTC, worth about $64.9 billion (approximately 90.21 trillion won). MicroStrategy issues additional stocks and uses those funds to purchase Bitcoin, driving stock prices by reflecting the number of Bitcoin holdings per share value. Livingston named this strategy the 'Bitcoin Flywheel', criticizing that this structure enhances corporate value despite stock dilution and weakens the status of fiat currency.
Supply reduction is also noteworthy. Currently, block rewards have been reduced to 3.125 BTC, with an additional halving scheduled for 2028. Particularly, as miners increasingly hold rewards instead of selling them for profitability, new circulation is further limited. Consequently, Bitcoin's scarcity is intensifying.
Livingston also signaled a warning about Bitcoin deposits in existing exchanges. According to market analysis firm CryptoQuant, current Bitcoin holdings in exchanges have dropped to around 2.4 million, and if corporate and investor purchases continue, they could be quickly depleted within months.
This phenomenon could be a prelude to 'hyperbitcoinization', meaning the process of BTC establishing itself as the primary value storage method, replacing fiat currency. Livingston emphasized, "If regulations recognize BTC as a corporate financial asset, more companies will join the purchasing queue", and "the opportunity previously available only to early entrants will soon completely disappear".
A warning also emerges that if institutional investor-centered Bitcoin accumulation continues, general investors might find access increasingly difficult. As CFOs consider BTC a strategic asset, a fundamental transformation in corporate financial management is beginning.
The decrease in Bitcoin exchange balances, reduction in mining rewards, and companies' aggressive acquisition strategies are all converging at one point: inflated demand like a balloon, scarce supply, and fundamental changes in financial order. The question is no longer "Will Bitcoin reach $100,000 or $500,000?", but "How quickly can we respond to the changes already underway?"
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