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Bloomberg Strategists Say 'More Public Firms Might Rethink Crypto As US Exceptionalism Dims'

David Okoya

Mon, Apr 28, 2025, 1:29 PM 4 min read

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Bloomberg strategists have said more firms may consider cryptocurrency treasury strategies.
Bitcoin has drawn praise for its relative strength and stability despite market uncertainty.
Public corporations are not the only ones that may be considering Bitcoin as a hedge.

The global financial system has been facing a massive stress test over the past few months and cryptocurrencies, particularly Bitcoin, may be emerging as the winners.

At least, that is what Bloomberg Intelligence strategists have recently suggested.

In a Tuesday note, Bloomberg strategists Lu Yeung and Breanne Dougherty opined that “more public firms might rethink crypto as U.S. exceptionalism dims.”

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U.S. exceptionalism is the idea that the U.S. is distinctive or exemplary compared to other nations. In finance, this exceptionalism is typically reflected by U.S. markets generally outperforming other markets and the dollar and U.S. Treasury bonds seeing greater demand in times of uncertainty.

Amid President Donald Trump‘s global tariff campaign, however, this idea has shown signs of cracks. The DXY, an index tracking the value of the dollar against a basket of currencies, has continued a rapid decline to three-year lows even as yields on Treasury bonds have risen in signs of declining demand despite market uncertainty.

In this turbulent market environment, Bitcoin has drawn praise for its relative strength and stability. At the time of writing, the asset is trading at net zero change year-to-date and up 13% since Trump’s “Liberation Day” tariffs. In comparison, the S&P 500 is down 7% year-to-date and 2% since Liberation Day. The Nasdaq is a mixed bag, down 9% year-to-date but up 2% since Liberation Day.

Yeung and Dougherty wrote that against this backdrop, “some corporate managers could revisit whether it [Bitcoin] could be more resilient in the complicated global trade environment as a hedge against a weakening US dollar, the risk of stagflation and fears of potential peaking of US exceptionalism.”

Indeed, these past few months have already seen GameStop (NYSE:GME) and Metaplanet adopt the Bitcoin treasury model made popular by Strategy (NASDAQ:MSTR). Adopting the strategy has also been suggested at Intuit Inc (NASDAQ:INTU) and McDonald’s (NYSE:MCD), though the latter has chosen to ignore the proposal.