Bitcoin in company cash generates noise, says CEO of Financial Move

SpaceX, Elon Musk's aerospace company, revealed that it has approximately US$ 1.5 billion in Bitcoin in its cash register, information that came to light with the delivery of documents for the company's IPO process.

The case reinforces a growing trend of large companies including cryptocurrency in their treasuries.

The announcement took place on May 22, a date known in the crypto universe as Bitcoin Pizza Day, which marks the first recorded use of Bitcoin in a real transaction.

In 2010, programmer Laszlo Hanyecz bought two pizzas paying 10 thousand bitcoins - a value that, converted to current prices, would represent billions of dollars.

The strategic "noise" of Bitcoin in companies
Tasso Lago, from Financial Move, assessed that the decision to keep Bitcoin in cash goes beyond a purely financial logic.

According to him, the movement began with MicroStrategy, whose founder argues that the dollar loses purchasing power over time due to inflation.

"He clearly said he would rather have Bitcoin in cash than dollars," explained Tasso Lago, referring to the central thesis of the strategy.

For Tasso Lago, having Bitcoin in the treasury "creates a buzz" that, even without an immediate accounting impact, increases the company's visibility and can facilitate access to credit.

He highlighted that, in the case of SpaceX, the US$ 1.5 billion in Bitcoin represents a small fraction of the company's total estimated value. "Often, the simple fact that you have Bitcoin, even if it's 0.5% or 1%, makes more noise than the percentage actually is," he said.

Strategy for large players, caution for medium-sized companies
Tasso Lago also pointed out that the strategy works as an indirect mechanism for exposure to the crypto market.

Funds and investment vehicles that cannot directly hold crypto assets now have access to this exposure through shares in companies that hold Bitcoin in cash. This, according to him, expands the base of investors interested in these companies and generates additional value for their shares.

However, Tasso Lago made an important reservation for smaller companies. For the so-called "average CNPJ", he considers that using the company's cash to buy Bitcoin is equivalent to speculating with operational resources.

"Here in Brazil, many people still have working capital problems", he warned. He recommended that individuals limit exposure to crypto assets to between 5% and 10% of their assets, and that businesspeople only adopt the strategy when they are clear about the risks involved.

Concentration and volatility risks
Tasso Lago also drew attention to systemic risks. He mentioned that a single entity holds around 4% of the total Bitcoin supply, which represents a relevant concentration risk.

A possible large-scale sale could put pressure on the asset's price and affect companies that hold it in treasury. "At some point, we may experience some market stress," he said.

Despite the risks, Tasso Lago positively assessed the general scenario for the crypto market. He highlighted that large financial institutions, which were previously skeptical or opposed to cryptoassets, are increasingly looking for ways to participate in this ecosystem.

For him, "a decentralized environment does not kill itself", and the trend of institutional adoption of Bitcoin should continue to advance.

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Source: CNN