SWC CEO Andrew Webley Responds to Concerns Over Bitcoin Treasury Strategy, Emphasizes Operating Business Model and Sensible Balance Sheet
Discover why 2021’s Bitcoin market comparison falls apart as ETF flows, treasury allocations, and state reserves reshape global crypto adoption.

Quick Take
Summary is AI generated, newsroom reviewed.
Bitcoin ETF demand is institutionalizing crypto markets.
Treasury and state Bitcoin reserves are gaining momentum.
2021 comparisons ignore today’s fundamental upgrades.
Bitcoin’s current cycle diverges sharply from the 2021 speculative run, according to Apollo co-founder Thomas Fahrer. Unlike the leverage-fueled bull market of the past, today’s rally is driven by institutional-grade inflows, transparent spot Bitcoin ETFs, and growing treasury allocations. Fahrer argues that Bitcoin is transitioning from a speculative asset to a macroeconomic hedge, reinforced by regulated inflows from asset managers like BlackRock and Fidelity. As more corporations and governments explore Bitcoin-backed reserves, the asset is entering a new era, one built on economic utility rather than market euphoria.
Bitcoin ETF Demand Marks a Turning Point
Fahrer identifies the rise of spot Bitcoin ETFs as the most important evolution of this cycle. Unlike the 2021 bull run, dominated by retail speculation and shadow banking risks like Terra Luna and FTX, the current rally is supported by verifiable, regulated ETF flows. Institutional investors now allocate directly to Bitcoin through ETFs, creating a sustainable demand curve. Bitcoin ETF inflows are not only traceable but also macro-aligned, appealing to long-term holders. This shift also reflects the growing presence of treasury Bitcoin allocations, public companies, private firms, and now municipal governments are treating Bitcoin as a serious financial instrument.
From Public Treasuries to Sovereign Bitcoin Reserves
Bitcoin allocations are no longer limited to tech firms or crypto-native businesses. Companies like MicroStrategy have led the charge, but now treasury adoption has expanded to include private companies and smaller public corporations. Global treasury-held Bitcoin has surpassed $11 billion, showing mounting institutional conviction. Moreover, sovereign interest is becoming tangible. El Salvador may have pioneered state-level Bitcoin reserves, but new players like Bhutan, Texas, and Wyoming are joining the movement. These jurisdictions see Bitcoin not just as a hedge but as a fiscal tool to safeguard against currency devaluation and geopolitical risk. Fahrer asserts that this isn’t speculative – it’s strategic. Bitcoin’s role is now macroeconomic, embedded into public sector reserve frameworks.
Bitcoin Market Maturity Rewrites the Cycle Narrative
The idea that Bitcoin must repeat its 2021 double-top cycle overlooks how far the ecosystem has evolved. The Bitcoin market now operates within a structure defined by ETF demand, treasury allocation strategies, and sovereign use cases. These changes dilute the influence of retail speculation and introduce consistent capital inflows. Fahrer calls this the “institutional era”, a phase where Bitcoin serves strategic economic functions rather than chasing hype cycles. This foundation introduces greater resilience, stronger on-chain support, and removes reliance on short-term narratives. It also raises Bitcoin’s credibility as programmable digital collateral on the global stage.
What’s Next: Institutional Dominance and Financial Redesign
The future may hold a full redesign of financial systems with Bitcoin at the core. Treasury and sovereign allocations to Bitcoin are now becoming integral, and if ETF demand continues, Fahrer predicts Bitcoin could reach $150,000, without the whipsaw volatility of previous cycles. Bitcoin’s inclusion in national budgets, corporate reserves, and sovereign wealth strategies signals its maturity. The Bitcoin ETF revolution has institutionalized demand. Now, Bitcoin is poised not just to rise in price but to redefine macroeconomic frameworks in a multipolar world.
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