The Intellectual Stagnation in Academia: Ignoring the Corporate Shift to Bitcoin

Introduction In recent years, the corporate world has witnessed a historic shift in treasury strategies, with several prominent companies incorporating Bitcoin into their reserves. Despite these significant changes, many finance professors continue to dismiss or ignore the implications of this trend. During my MBA studies, I have personally discussed or emailed with six finance professors over the last three years about Bitcoin. None of them have shown any curiosity or willingness to engage in meaningful discussions about this topic. While I cannot speak for all finance professors, this has been my experience with those I have interacted with. This paper aims to highlight the lack of intellectual curiosity among academics in the face of obvious transformations in corporate and global environments.

The Corporate Shift to Bitcoin The adoption of Bitcoin by companies such as MicroStrategy, Tesla, and Block Inc. marks a pivotal change in how corporate treasuries manage their assets. These companies view Bitcoin as a strategic asset, providing a hedge against inflation and currency debasement. MicroStrategy, for instance, has aggressively acquired Bitcoin, making it the largest Bitcoin treasury in the world. This trend began around 2020 and has continued to gain traction, signaling a shift in corporate treasury management.

In the last month, several other companies have also announced Bitcoin treasury strategies:

  • Genius Group: An AI-powered education group that has committed 90% or more of its current and future reserves to be held in Bitcoin 1.
  • Worksport: A U.S.-based provider of pickup truck solutions that is adding cryptocurrency to its corporate treasury strategy 1.
  • Rumble: A video platform targeting a conservative audience, planning to invest up to $20 million of surplus cash in Bitcoin 2.
  • Metaplanet: A company with clearly stated strategy reserve asset goals and reasoning 3.
  • Strategy (previously MicroStrategy): Continues to lead the way with its Bitcoin treasury strategy 3.

Government Recognition of Bitcoin The U.S. government has also acknowledged the significance of Bitcoin by establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. This move underscores the growing acceptance of Bitcoin as a store of value and its potential role in national economic strategies.

Personal Experience with Academic Dismissal Over the past three years, I have personally discussed or emailed with six finance professors during my MBA studies about the topic of Bitcoin. Despite the clear and significant changes in corporate treasury strategies, none of these professors have shown any curiosity or willingness to engage in meaningful discussions about Bitcoin. This lack of interest is particularly surprising given the relevance of Bitcoin to contemporary financial practices and corporate strategies and the fact that there are not many innovations in Corporate Treasury operations. When a new idea comes along you would expect people to be interested to consider if it has any value.

The Importance of Intellectual Curiosity Intellectual curiosity is a cornerstone of academic excellence. It drives innovation, fosters critical thinking, and encourages the exploration of new ideas. The reluctance of finance professors to engage with the topic of Bitcoin reflects a stagnation in intellectual curiosity that is detrimental to both students and the broader academic community.

Conclusion The corporate shift to Bitcoin represents a significant change in treasury strategies that warrants academic attention. Professors should embrace intellectual curiosity and explore the implications of this trend, rather than dismissing it. By doing so, they can provide students with a comprehensive understanding of the evolving financial landscape and prepare them for the future.