There’s no denying it: support for bitcoin among publicly-listed companies is growing. As of June this year, more than 34 public companies collectively held over 213,000 bitcoin on their balance sheet, roughly equating to 1.14% of the asset’s circulating supply. From vehicle manufacturers (Tesla) and business intelligence firms (MicroStrategy) to crypto-native companies (Coinbase, Riot Blockchain, Inc) and fintech platforms (Square, Inc), forward-looking organizations are increasingly backing “digital gold” to provide a handsome rate of return amidst rising inflation. WHY PUBLIC FIRMS ARE BUYING BITCOIN This influx is a relatively recent phenomenon. Indeed, it’s been little over a year since Nasdaq-listed MicroStrategy became the first publicly-traded firm to buy bitcoin as part of a capital allocation strategy. At the time, CEO Michael Saylor called bitcoin “a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash.”