As bitcoin continues to establish itself as a digital asset with diverse applications, a critical question arises: Will more companies begin to hold bitcoin on their balance sheets?

There are a few pioneers who have dipped a toe by holding crypto in corporate treasuries. And then, there is MicroStrategy, led by Bitcoin maximalist Michael Saylor, who continues to raise billions to scoop up Bitcoin.

Roundtable anchor, Rob Nelson recently discussed the topic with Caitlin Long, Founder and CEO of Custodia Bank. Their discussion sheds light on the corporate treasurer mindset, regulatory challenges, and the future of bitcoin as a mainstream financial asset.

Nelson kicked off the discussion by questioning whether more companies would start holding bitcoin on their balance sheets, which could drive broader adoption. Caitlin Long, leveraging her background as a managing director at Morgan Stanley, emphasized the cautious mindset of corporate treasurers. "They're extremely focused on credit ratings and cash flow coverage multiples," she noted. According to Long, while stablecoins might be treated as corporate cash, bitcoin would not receive the same consideration from rating agencies and credit analysts.

Long shared that some Fortune 10 companies have been discreetly using bitcoin for a decade, illustrating the quiet yet persistent integration of cryptocurrency in major corporations. She recounted her experience in 2014 when she introduced bitcoin to a Fortune 5 company, a move that marked the beginning of its corporate adoption.

The conversation then shifted to the advisory aspect of bitcoin. Nelson mentioned that despite the conservative stance of institutions like Morgan Stanley, private investment advisors are increasingly engaging with crypto discussions. Long highlighted her pioneering role in Morgan Stanley, being the first to present on bitcoin within the company in 2014, underlining the initial resistance and eventual gradual acceptance.

Nelson sought Long's perspective on bitcoin's future value, drawing parallels between bitcoin and traditional financial instruments. Long explained that bitcoin's scarcity and technological nature make it unique, predicting continued appreciation despite periodic dips. She likened bitcoin's post-halving behavior to the effects of decimalization in stock trading, where reduced margins led to increased trading volumes.

Looking ahead, Long weighed in on pricing models she's seen that predict bitcoin's price could reach between $80,000 and $100,000 by the end of the year, with a potential peak at around $150,000 for the cycle. While she refrained from making precise price predictions, Long remains optimistic, joking that she's firmly in the "laser-eyed" camp until bitcoin hits $100,000.