When will the IBEX get on the #BitcoinTrain?

Bitcoin represents the most advanced technology linked to value exchange systems, culminating the evolution from swapping to today’s complex financial instruments for transferring wealth.

Taking inspiration from the parable of The Blind Men and the Elephant—as Boaz Sobrado did in his essay The Blind Men and the Coin  to describe Bitcoin as a casino, a movement, a product, or a technology—from a corporate perspective, an organization could view Bitcoin as:

• A mechanism to enhance treasury diversification.

• A store of value and hedge against inflation.

• A long-term investment vehicle.

• A catalyst for innovation and talent attraction.

What else can Bitcoin represent from a broader perspective?

Bitcoin can also be:

• A decentralized digital currency that eliminates the need for intermediaries and solves the double-spending problem.

• An absolute ownership ledger, enabling the holding and transfer of value across space and time without counterparty risk.

• Insurance against state-led wealth confiscation through direct self-custody.

• The most robust and resilient decentralized network in the world.

• An advanced cryptographic system that protects both transactions and user identity.

• Or simply, digital cash.

Although its most media-friendly label has emerged recently following the approval of Bitcoin ETFs by the SEC in January 2024, this achievement has catapulted it to become the world’s premier digital investment asset.

The trust implied by the SEC's decision to finally approve Bitcoin ETFs is paving the way for more and more international companies to integrate Bitcoin into their strategies—whether as a treasury reserve, a means of payment, or a long-term investment.

In Spain, due to the lack of understanding of Bitcoin, companies still remain cautious because of the volatility associated with this asset. Volatility which, incidentally, is inherent to Bitcoin due to its deterministic supply of 21 million units.

Those companies that grasp this new “digital precious metal” early will gain a significant competitive advantage, ensuring they don’t fall behind in the new digital era of finance that the recently elected U.S. government is striving to promote.

Below, we explore the main reasons why Spanish companies should get on the “Bitcoin Train” as soon as possible, as well as the training challenges they must address to successfully adopt Bitcoin within their organizations.

What can Bitcoin adoption bring to organizations?

Treasury Diversification: Investing part of a company’s treasury in Bitcoin helps reduce reliance on traditional assets. All companies with liquidity aim to optimize treasury management, and Bitcoin—due to its decentralized nature and lack of direct correlation with stock markets—offers a way to balance risk within the corporate financial portfolio. In fact, over the past few years, more than 90 companies worldwide have announced Bitcoin holdings in their treasuries with the goal of diversifying their balance sheets and protecting their liquidity.

Store of Value and Hedge Against Inflation: Unlike fiat currencies, which can be devalued through excessive monetary issuance by central banks, Bitcoin has a fixed supply limited to 21 million units once the last Bitcoin is mined in 2140.

Many companies are considering Bitcoin as a form of “digital gold” due to its fixed supply, which, inevitably in the face of growing demand since its creation by Satoshi Nakamoto, has continued to drive its price upward.

On top of all this, there is an inherent feature of Bitcoin that no other existing asset possesses: confiscation resistance (as long as it is properly self-custodied). This factor, combined with its superior properties compared to gold—such as being auditable every 10 minutes with the creation of each block, and having low storage and transfer costs—makes Bitcoin a highly reliable means of preserving wealth outside the control and confiscatory power of states in the event of inappropriate monetary policies.

International Payments: Bitcoin enables fast, secure, and global value transfers without the need for trusted third parties. For companies operating across multiple countries, using Bitcoin can streamline and reduce the cost of international payments, as the network operates 24/7. In the age of immediacy, can anyone still consider it acceptable to wait several days for a bank transfer to go through?

Innovation and Competitive Advantage: Adopting Bitcoin positions companies at the forefront of digital innovation. In an increasingly digital world, businesses that embrace new financial technologies send a positive message to investors and customers, while also enhancing their ability to attract top talent.

Getting on the #BitcoinTrain now is like “buying a ticket” to innovation—positioning yourself on the fast track and securing a seat in one of the front cars on this journey toward the financial future.

Which companies are leading the #BitcoinTrain?

MicroStrategy, led by Michael Saylor, kicked off the corporate adoption race of BTC by allocating part of its treasury in August 2020 to purchase Bitcoin, questioning the U.S. dollar as a reliable store of value. The company acquired 21,500 BTC for $250 million. Later that same year, it made additional purchases totaling $225 million.

Beyond using its treasury reserves, MicroStrategy’s acquisition strategy evolved to include issuing convertible corporate bonds, allowing the company to secure extremely low financing costs for further purchases. As of May 2025, MicroStrategy holds over 568,000 BTC—representing approximately 2.7% of Bitcoin’s total supply.

At the corporate level, MARA Holdings and more recently Twenty One—backed by Tether, Bitfinex, and SoftBank—hold the second and third spots respectively in the race to accumulate the only asset with a fixed monetary supply defined in the lines of code written by Satoshi.Other companies such as Tesla, Coinbase, and MetaPlanet are also well known for their Bitcoin holdings, and more are about to join this group—GameStop, for instance, announced its plans this past March 2025.

And what about Spain?

At present, there is no evidence that any IBEX 35 companies have incorporated Bitcoin into their balance sheets, although some Spanish multinationals have shown indirect interest. BBVA, for example, has been offering Bitcoin trading and custody services to clients since 2021—starting in Switzerland and, more recently, preparing to launch in Spain following the approval of the  MiCA regulation. In 2023, Telefónica invested in sector-related startups to explore this emerging market. While still far from the level of adoption seen among major U.S. companies, these initiatives reflect a growing interest in the space.

Failing to understand the fundamentals of this asset can lead to questionable financial decisions—such as the case of the German state of Saxony (Sachsen), which imprudently sold 50,000 BTC seized in 2024. The action was justified as an “emergency sale” out of fear of a potential depreciation in Bitcoin’s value.

Unfortunately for those responsible for that move, shortly after the sale, Bitcoin's price experienced a significant surge, reaching $100,000 per unit amid favorable winds blowing from the United States following the presidential elections. It is unknown whether the individuals who let slip away potential gains worth €2 billion were “promoted,” but it’s possible that the German state has since taken note and may aim to better understand the nature of the assets it seizes in the future.

Key Areas in Gaining Knowledge About Bitcoin

It is essential for companies to understand all dimensions of Bitcoin—not only from a technical standpoint, but also through economic, legal, fiscal, and philosophical lenses. This cross-disciplinary knowledge will foster the confidence and security needed to spark curiosity and encourage experimentation with a new kind of asset. Bitcoin will not only find its place on corporate balance sheets; it will also become part of the research initiatives led by R&D teams exploring potential use cases that add value to the organization.

One of the most common mistakes when first approaching Bitcoin is to lump it into the broader cryptocurrency ecosystem. Bitcoin is not just another cryptocurrency. Here, Bitcoin is King. But what justifies this statement?

Bitcoin masterfully solves fundamental problems that no other cryptocurrency addresses with the same level of robustness: it eliminates the need for trusted third parties, decentralizes the accounting ledger through the blockchain, prevents double-spending, and empowers any individual or company running their own node to become a “judge” of the system by independently validating and auditing every transaction.

This ability to become a verifier of the “rules of the game” is rarely found in other projects, which more often resemble the purchase of shares in private tech-sector companies than participation in an open, decentralized protocol.

Moreover, due to its open-source nature, Bitcoin benefits from a vast global community of developers continuously working to improve its security, functionality, and user experience. For example, foundational work is already underway to integrate cryptography that is resistant to quantum computing attacks.

If we had to highlight two defining properties, they would be:

1. Absolute scarcity, with a supply hard-coded at 21 million units, and

2. Absolute ownership, through direct self-custody without reliance on trusted third parties.

For all these reasons, while many cryptocurrencies lose relevance or become diluted over time, Bitcoin continues to strengthen its position as the only truly decentralized and sovereign form of digital money. Valued in terms of BTC, most “alternative coins” (commonly referred to as Altcoins) will tend toward zero relative to Bitcoin over time.

Bitcoin Dominance Chart

Does history repeat itself when disruptive technologies emerge?

History shows that every new technology inevitably faces a wave of resistance from the status quo, aiming to generate fear and distrust within society. The Locomotive Act of 1865 in the United Kingdom is a striking example from the early days of the automobile—an event that mirrors the kind of regulatory pushback Bitcoin continues to face from European authorities.

This law required that early self-propelled vehicles be preceded by a person carrying a red flag and limited their speed to just 6 km/h (about 4 mph), effectively stifling innovation out of fear of change.

The regulations imposed on automobiles in their time can be seen as analogous to the warnings from the tax agency now appearing in draft tax returns—used to mark with a “red flag” those taxpayers who hold any type of cryptocurrency. Similarly, the complexity involved in calculating capital gains from sales or swaps serves as a regulatory burden designed to slow down Bitcoin adoption.

These restrictions reflect the fear of change within our regulatory authorities and their intent to protect fiat currencies, over which they retain full control to manage economic cycles. In contrast, a path of deregulation has already begun across the Atlantic, which is likely to trigger a major takeoff in the sector—just as the deregulation of the automobile industry once led to a complete transformation of the economy and personal mobility.

Where is the #BitcoinTrain taking us?

To conclude this brief journey—one I hope will spark reflection among those responsible for adopting new technologies within Spanish companies—it's worth noting that the businesses that position themselves as pioneers in Bitcoin adoption will have an impact comparable to those that recognized in the 1990s that the Internet was going to change the world.

Bitcoin can—and should—serve as a cornerstone in the financial modernization of businesses. That’s why embarking on the journey to understand the first truly native asset of cyberspace is not just advisable, but essential