Bitcoin is likely a topic of conversation among the treasury department of many US companies amid rising inflation.
No fewer than 47 companies have cited the term “inflation” in their earnings calls for Q1 2021.
According to a report by financial market data provider FactSet on Monday, the figure represents the highest number of companies to do so in the last decade.
Earlier in April, the United States Bureau of Labor Statistics released its “Producer Price Index” report showing a 4.2% year-on-year increase in PPI, the highest since September 2011.
While Federal Reserve chairman Jerome Powell continues to argue that current inflation and consumer price index numbers are only temporary, there is a counter-argument that businesses will move to transfer the burden of greater production costs to their consumers.
Meanwhile, companies may also be seeking ways to protect their cash reserves from US dollar debasement following the nearly $6 trillion in stimulus money poured into the US economy over the course of the ongoing coronavirus pandemic.
Back in August 2020, business intelligence outfit MicroStrategy made headlines when it announced its first Bitcoin (BTC) purchase.