S&P 500 companies will hold bitcoin by end of 2021, majority of The Block’s Outlook Survey respondents say
December 27, 2020, 10:25AM EST
1 min read
In September, the correlation between the S&P 500 index and bitcoin was near an all-time high. Now, investors believe S&P500 constituent companies will have bitcoin on their balance sheets by the end of next year, according to The Block's annual outlook survey.
Out of the 44 participants in the survey, 51.4% said between five and nine S&P 500 companies will have bitcoin on their balance sheets by the end of 2021. About 16% were more optimistic, saying 10 or more companies will hold bitcoin.
Roughly a third, or 29.7%, said one to four of such companies will hold bitcoin, and only 2.7% said one or fewer companies will hold bitcoin. There are currently zero S&P 500 companies that hold bitcoin on their balance sheet. Square, which could be considered for S&P500 inclusion next year, purchased $50M worth of bitcoin in October.
Adidas Originals, a brand of the German sportswear clothing firm Adidas, announced a partnership with the crypto exchange Coinbase in a Wednesday tweet. Details about the partnership are scant, however.