Taiwan tends to get into the news due to the battle between the United States and China over the future of the country.
Recently, it made it into the crypto media for another reason. The first Chinese firm is implementing the Bitcoin treasury strategy, marking the continued spread of this concept.
We are seeing 2025 as the year of for this model. Naturally, Microstrategy (now StrategyB) long used this concept. Michael Saylor is an innovator in this regard, fostering in a debt and equity based accumulation of Bitcoin. The balance sheet is now one of the largest holders of BTC.
Other companies joined the bandwagon this year. There are over 30 companies who are doing something similar in the United States alone.
As we can see, this is fanning across the world.
Saylor tends to purchase in blocks that amount to billions. Not everyone is in that category. The real potential resides in more companies getting involved, even with less capital, in an effort to drive distribution.
For Top Win International, the entry point is now.
Top Win International has announced a $10 million raise that will be used to buy Bitcoin, making it the first company in Taiwan to adopt a Bitcoin treasury strategy. The move, unveiled on August 15, comes as more publicly listed firms around the globe add crypto to their balance sheets.
Reports have disclosed that Top Win is joining a growing list of companies holding BTC as a core reserve. Market data shows 167 public companies now count Bitcoin on their balance sheets.
How much further will this go? We know it is spreading to Ethereum but, even within the Bitcoin realm, there is a lot of room for growth.
Could we see 1,000 companies with BTC on their balance sheets. There is no reason why this cannot be the case. With the ETFs being offered in the United States, this provides another way to gain exposure without actually buying the underlying asset.
The layering factor here is starting to take place.
A company like Top Win International not only could become a treasury company but also invest in others. MSTR is a highly sought after stock by those seeking BTC exposure without purchasing the asset itself. Also, due to the premium aspect, historically, MSTR outpaced the returns on Bitcoin.
This could become a trend in coming years. Bitcoin, and other crypto, treasury companies become investment vehicles for other firms.
Some are speculating that we could see $1 million Bitcoin in 2026. When it comes to markets, anything is possible.
Before tossing out figures, we have to determine where the buy demand will come from. Certainly, we could speculate on a strong 12-15 months based upon all that is in place with treasury companies and crypto in general.
Some see this as a bad sign.
Mike Novogratz is a well-known crypto advocate on Wall Street. For close to a decade he was touting the potential of this long term.
On the topic of $1 million Bitcoin (in 2026), he voiced his concern.
“People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” Novogratz told Natalie Brunell on the Coin Stories podcast on Wednesday.
His view is that Bitcoin will accelerate its upward path if the US economy is doing poorly. This means he believes BTC is a hedge against economic suffering.
On this point I disagree. While I am not calling for $1M BTC (I will not go against it either), I still see Bitcoin as a risk on asset. If the economy is humming and people are confident, they will take on more risk. This means Bitcoin will do well.
The flipside, if things are "shitty", investors get more conservative. That means they move away from the high flyers like BTC and into safer assets.
To me, $1M Bitcoin in 2026 would be a positive. It would mean the economy is thought to be strong along with the faith in BTC growing. This is not a hedge asset in any way. Even the companies picking up large amounts of Bitcoin are long-term speculators.
Ultimately, I think Novogratz is right in that we do not see $1M BTC in 2026 due to the fact that the global economic slowdown shows no signs of ebbing. It is probable that the US sees more slowing into '26, as Europe and China continue to suffer.
That would push investors into risk off mode.
