Adam Back (아담 백), chief executive of Blockstream, has defined bitcoin-holding companies as an arbitrage between the current fiat currency system and a bitcoin-centred economy.

On May 1, blockchain media outlet BeinCrypto reported that Back described bitcoin treasury companies as “arbitrage between the present of fiat currency and a hyperbitcoinised future.”

Back said companies that buy bitcoin at current prices could benefit from both trends at once. He said bitcoin adoption is accelerating, while fiat money could lose value due to inflation or policy failure. He judged that the gap could give early accumulation companies significant upside potential.

This view is based on seeing bitcoin-holding companies as an asymmetric bet on a system transition rather than a typical stock investment. It is interpreted as a remark that supports corporate moves similar to Strategy’s aggressive bitcoin accumulation strategy.

His premise is that bitcoin will eventually become the world’s dominant store of value. In that case, bitcoin would serve as a reserve asset underpinning international commerce and national finances. Companies that accumulate bitcoin before the transition could benefit not only from price gains but also from expanding use and acceptance.

This outlook also aligns with Michael Saylor’s long-term scenario. Saylor has said bitcoin could reach $10 million per coin, citing digital credit flows and expanding institutional adoption. By contrast, Peter Schiff criticised Strategy’s bitcoin strategy as fundamentally wrong and argued liquidation could be inevitable before hyperbitcoinisation because of rising dividend obligations.

Competition among listed companies to secure bitcoin is also continuing. Strategy holds 815,061 BTC valued at $63.46 billion. Other companies are reviewing similar strategies, and if they judge bitcoin is still relatively undervalued, pressure to accumulate early could grow further.

Back ultimately viewed the bitcoin treasury strategy as a rational hedge against a weakening fiat system rather than speculation. He added that for this logic to hold, bitcoin adoption must accelerate further and the existing monetary system must face real pressure.