In his view, most companies do not avoid Bitcoin after careful analysis – they never discuss it at all.
The core reasons companies overlook Bitcoin stem from its incompatibility with traditional treasury management frameworks, leading to its exclusion from internal discussions and board-level considerations.
Firms that do embrace Bitcoin typically possess a long-term strategic vision and are prepared to navigate periods of external skepticism.
The gap between companies that hold Bitcoin and those that do not is established early in the decision-making process. For many management teams, Bitcoin exists outside the established mental and institutional structures used for corporate capital management.
Barriers to Boardroom Discussion
Bitcoin does not fit neatly into conventional treasury models, which typically focus on low-volatility instruments, predictable returns, and established accounting practices. Bitcoin challenges all these aspects, making it difficult to integrate into standard financial discussions.
Consequently, management teams often default to familiar financial instruments rather than exploring alternatives that might provoke complex questions from boards, auditors, or investors. Within many organizations, there is little incentive to introduce an idea that could complicate governance or introduce reputational risks. Therefore, Bitcoin is neither formally approved nor rejected; it is effectively filtered out before any evaluation can begin.
The Challenge of Early Adoption and Misunderstanding
A significant, though less obvious, barrier to Bitcoin adoption is the perception risk associated with being an early mover. Companies that allocate capital to Bitcoin often anticipate that markets may misunderstand their decision for an extended period. Shareholders might perceive the move as speculative, financial analysts may question the company's financial discipline, and short-term price fluctuations can overshadow the long-term strategic intent.
Within the conventional corporate culture, this potential trade-off is generally unattractive. Executives are often rewarded for adhering to established norms and consensus, and penalized for deviating. Bitcoin, conversely, necessitates a different leadership mindset—one that prioritizes the long-term execution of a strategy over immediate external validation. This, according to the Metaplanet CEO, represents the true threshold that most companies are unwilling to cross.
From this viewpoint, corporate adoption of Bitcoin is less about predicting future prices or reacting to macroeconomic trends. It is fundamentally about whether leadership teams are prepared to operate beyond established conventions and to tolerate prolonged periods of misunderstanding while their strategy unfolds and matures.