As companies face stagnation and declining revenues, some turn to an unconventional strategy to regain investor interest—buying Bitcoin (BTC).

Firms are now trying to emulate MicroStrategy (now Strategy), whose Bitcoin accumulation commitment continues to place it on the leaderboard.

Bitcoin Becomes A Quick Fix for Fading Businesses

Rather than reinvesting in their core operations, firms like Goodfood Market Corp are using Bitcoin as a financial maneuver to create buzz around their stocks.

According to Bloomberg, Goodfood CEO Jonathan Ferrari once led a promising meal-delivery startup. However, the company’s stock plummeted 98% from its pandemic-era highs. Ferrari then sought a drastic measure, investing corporate funds in Bitcoin, to reinvigorate investor interest.

“We have a nice core business, but it’s too small to be relevant to the capital markets. I think as we start investing more into our Bitcoin treasury strategy, we’ll be able to create more liquidity in our stock and attract investors,” Bloomberg reported, citing Ferrari.

According to Bloomberg, this tactic centers on the hope that these firms will replicate the success of Michael Saylor’s Strategy. Meanwhile, Goodfood is not alone; dozens of public companies are following in Saylor’s footsteps with their Bitcoin strategies.

The report cites firms in social media, video gaming, and even coal mining that divert corporate cash to invest in Bitcoin. Further, some firms, like Semler Scientific, borrowed funds to invest in the pioneer crypto.

Recently, BeInCrypto reported that GameStop is mulling a Bitcoin investment. The American video game retailer’s pivot to BTC is motivated by the need for financial stability.

“GameStop, a company with no viable business plan, has thrown another Hail Mary by announcing that it might use its cash to buy Bitcoin. The irony is that Bitcoin is even more overpriced than GME. No matter; speculators are buying the stock anyway, hoping it becomes another MSTR,” Bitcoin critic Peter Schiff wrote.

This suggests that firms beyond retail are also banking on Bitcoin’s volatile yet historically upward-trending value to boost their stock appeal. However, the speculative strategy carries significant risks, raising concerns.

As BeInCrypto reported, MicroStrategy faces a billion-dollar tax dilemma over Bitcoin gains. Specifically, the firm may owe billions under the US corporate alternative minimum tax (CAMT) for its $47 billion Bitcoin holdings. This includes $18 billion in unrealized gains.

New Financial Accounting Standards Board (FASB) rules compound the issue. Starting this year, companies must report the fair value of cryptocurrencies on their balance sheets. MicroStrategy disclosed that this change would add up to $12.8 billion to its retained earnings and potentially $4 billion to its deferred tax liabilities.

This means that companies’ Bitcoin holdings could directly affect their financial statements. Such an outcome would make them more susceptible to regulatory scrutiny and market volatility. Similarly, the IRS is set to begin tracking cryptocurrency transactions on centralized exchanges in 2025, signaling a broader regulatory crackdown.

The State of Montana has passed a bill that would allow the creation of a state special revenue account for investments in precious metals and digital assets, including Bitcoin (BTC).

The bill now moves to the full House for a vote. If approved, it will move to the Senate and then to the governor. If signed, it will become law on July 1, 2025.

Montana Advances Strategic Bitcoin Reserve Bill

Representative Curtis Schomer introduced House Bill 429. It is titled “An Act Creating a State Special Revenue Account for Investment in Precious Metals and Digital Assets as Determined by the Board of Investments; Providing Definitions; Providing for a Transfer; and Providing an Effective Date.”

“HB 429 passed the House Business and Labor Committee by a vote of 12-8,” Bitcoin Laws posted on X.

The bill is designed to create an investment strategy for Montana’s state funds by using a mix of assets as a hedge against inflation. HB429 defines a digital asset as virtual currencies, cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and other digital assets offering economic or access rights. 

According to the bill, exchange-traded products, such as those linked to commodities or stocks, will be permissible investments. Additionally, precious metals, such as gold, silver, and platinum, in any form—whether coins or bullion—are included.

“The board of investments is authorized to invest the funds in the account provided for in [section 3] in precious metals, digital assets with a market cap of over $750 billion averaged over the previous calendar year, and stablecoins,” the bill specifies.

It is worth noting that only Bitcoin (BTC) fulfills the market cap threshold criteria. Its market capitalization stands at $1.92 trillion.

Meanwhile, Montana is one of the many US states in the race to establish a strategic Bitcoin reserve. According to Bitcoin Laws, as of February, at least 20 states have introduced similar legislation.

“Montana becomes the 4th state to pass SBR out of committee. Utah, Oklahoma, Arizona, and Montana,” Satoshi Action Fund’s CEO, Dennis Porter, wrote on X.

In Utah, HB 230 has moved to the Senate Revenue and Taxation Committee. Furthermore, Utah is currently leading the state reserve race. In Arizona, SB 1373 passed the Senate Finance Committee with a 5-2 vote.

It now goes to the Rules Committee before a full Senate vote. SB 1373 is the second Bitcoin Reserve bill in Arizona, after SB 1025. This bill is also set for a full Senate vote.

The growing momentum behind state-level Bitcoin reserves reflects a broader belief in the value of digital assets. Notably, industry figures like Changpeng Zhao (CZ), former CEO of Binance, have underlined the inevitability of Bitcoin’s role in the global economy. 

“You can buy bitcoins after the US government is done buying, or before. There is no other choice, btw,” he remarked. 

CZ emphasized that avoiding the use of Bitcoin is as impossible as avoiding the internet or money.

The mystery surrounding the identity of Bitcoin’s elusive creator, Satoshi Nakamoto, has taken another unexpected turn. New speculation links Twitter co-founder and Block CEO Jack Dorsey to the pseudonymous figure.

This theory is fueled by connections between Dorsey’s past activities and key Bitcoin (BTC) milestones.

The Jack Dorsey is Satoshi Nakamoto Theory

The speculation was reignited by a detailed post from popular X user Sean Murray. Murray outlined numerous coincidences and evidence linking Dorsey to Bitcoin’s early days.

“Wrote a manifesto about making a mark without leaving a trace in 2001…Jack parades himself around in a Satoshi shirt…Posted in 2003 that he is ending his dependence on the US dollar and creating a barter network,” Murray noted.

According to Murray, Dorsey was an active member of the cypherpunk community as early as 1996. He was also a known cryptography enthusiast and a skilled programmer in multiple languages. The post highlights Dorsey’s early participation in cryptographic mailing lists and forums.

It also cites a history of discussing pseudonyms, digital privacy, and financial decentralization. Further, Bitcoin.org was registered the day after Dorsey tweeted a cryptic message about sailing. According to Murray, this echoes a famous sailor’s adage in the original Bitcoin source code.

Additionally, the earliest Bitcoin documentation timestamps align with Dorsey’s known habit of late-night work. Beyond that, key Bitcoin milestones align with significant dates in Dorsey’s personal life.

Specifically, Murray highlights Satoshi’s forum activity, which coincided with Jack Dorsey’s birthday and those of his family members.

Murray’s consequential evidence includes Dorsey’s deep admiration for Bitcoin and persistent advocacy for its decentralization principles.

Murray’s theory suggests that Bitcoin was Dorsey’s “masterpiece.” He describes it as an art form through which he aimed to transform digital finance while maintaining pseudonymity rather than complete anonymity.

“The belief that Satoshi never wanted to be found is something that other people invented about Satoshi. Satoshi chose pseudonymity, not anonymity, as Jack so pointed out in a podcast with Lex Fridman. The reason why Jack would do all of the above, while not directly admitting it, is because Satoshi and Bitcoin are his art. And it’s a masterpiece,” Murray added.

Given the extensive circumstantial evidence, the theory connecting Jack Dorsey to Satoshi Nakamoto remains speculative but compelling.

Bitcoin price remains unmoved by this speculation. As of this writing, BTC was trading for $96,308, down by 0.02% since Tuesday’s session opened.

Ongoing Speculation Around Satoshi Nakamoto’s Identity

The question of who created Bitcoin has been a long-standing debate, with numerous individuals speculated to be Satoshi Nakamoto. Recently, an HBO documentary claimed to have unmasked Bitcoin’s creator five months ago, sparking further interest.

However, the documentary turned out to be speculative at best, naming Peter Todd and leaving the question of “who is Satoshi Nakamoto” unanswered.

“I’m not Satoshi,” Todd said on X (Twitter).

Similarly, a recent Satoshi Nakamoto “reveal” conference in London also fell apart bizarrely. As BeInCrypto reported, this further fueled skepticism around those claiming to be Bitcoin’s creator. Beyond Todd and now Dorsey, several other figures have previously been linked to Satoshi.

Among them was Len Sassaman, a cryptographer who passed away in 2011. Due to his work on anonymity-focused projects, he was thought to have been a prime suspect. However, his widow, Meredith L. Patterson, denied the speculation.

“Meredith L Patterson, Len Sassaman’s widow, denied the speculation that Len Sassaman was Satoshi Nakamoto in an interview. HBO never contacted her when making the documentary,” WuBlockchain reported.

Another theory involved Nick Szabo, a well-known cryptographer and creator of “Bit Gold,” a precursor to Bitcoin. As BeInCrypto reported, 10X Research pointed to Szabo, adding an intriguing layer to the mystery surrounding the true identity of the elusive Bitcoin creator.

Similarly, Craig Wright, an Australian entrepreneur, has claimed to be Satoshi Nakamoto but has repeatedly failed to provide conclusive proof. Recently, he lost another legal battle regarding his claim.

Backlash Against the Speculation

While some Bitcoin enthusiasts are eager to uncover Satoshi’s identity, others argue that such speculation is harmful.

“Accusing someone of being Satoshi without providing bulletproof evidence makes you [a bad person] because you’re painting a target on them,” Security expert Jameson Lopp criticized.

Similarly, Rusty Russell, an open-source developer, warned against such speculation, citing a violation of privacy.

“Speculating on Satoshi’s identity is not just a way to increase someone’s risk of violent theft attempts: it also pointlessly disrespects his clear desire for privacy,” Russell added.

These concerns have precedent. The recent HBO documentary’s allegations about Bitcoin’s founder forced cryptographer Peter Todd into hiding, illustrating the potential dangers of such exposure.

As the debate continues, new theories emerge. Coinbase director Conor Grogan suggested that Kraken, a major cryptocurrency exchange, may hold crucial clues to Satoshi’s identity.

Additionally, concerns have been raised about the future security of Satoshi’s Bitcoin holdings. Tether’s CEO warned that advancements in quantum computing could compromise Nakamoto’s vast Bitcoin stash.

Whether Dorsey is truly the mastermind behind Bitcoin remains to be seen. However, industry experts like Mathew Sigel, head of digital assets research at VanEck, support the theory that Jack Dorsey is Satoshi Nakamoto.

“In the spirit of full disclosure, intellectual honesty, posterity’s judgment, and rigorous debate, I would like to share my strong belief: I have become personally convinced that Jack Dorsey – CEO of Square and founder of X – is Bitcoin’s founder Satoshi Nakamoto. This is my opinion, not that of VanEck,” Sigel shared on X.