Michael Saylor introduced the Bitcoin Banking Adoption Index on Monday, developed by Strategy Inc., to evaluate the level of Bitcoin adoption among leading banks and financial institutions. The index scores institutions across categories including trading, custody, exchange-traded products, stablecoins, blockchain products, margin, and leadership. The overall adoption rate measured by the index stands at 32%.

Adoption Scores by Institution

The index provides specific scores for top-tier banks, highlighting significant variance in their current engagement with digital assets. Fidelity secured the top position with a score of 71%. Goldman Sachs Group Inc. followed with a score of 45%, while JPMorgan Chase & Co. recorded a score of 43%.

Industry Outlook and Obstacles

Saylor stated that major-bank Bitcoin adoption is accelerating but remains early. He has previously identified limited banking acceptance as a primary obstacle to the growth of Strategy and the wider Bitcoin treasury industry. The Strategy co-founder argues that if major U.S. banks were to purchase, sell, and custody Bitcoin, as well as issue credit and margin lines against the asset, it would benefit all parties involved. He encourages lobbying efforts to push banks in this direction.

Saylor also criticized traditional rating agencies for failing to recognize Bitcoin’s value as collateral, a shortcoming he believes prevents people from borrowing against the asset.

Current Market Context

The release of the index coincides with a challenging period for Strategy, the world’s largest Bitcoin holder. The company is currently sitting on nearly $11 billion in unrealized losses on its BTC holdings. Strategy shares fell 0.33% in after-hours trading after closing 2.68% lower at $92.10 during Monday’s regular trading session. The stock has declined by nearly 40% year-to-date. At the time of writing, Bitcoin was exchanging hands at $62,486.46, down 0.54% in the last 24 hours.

Economist Peter Schiff stated on Monday that he regrets not buying Bitcoin when he first learned about the cryptocurrency, but he maintains there is “not a chance” he will purchase it now, even if the price falls to $20,000. Schiff’s comments reflect his persistent view that Bitcoin is overvalued and that investors who fail to sell above $60,000 will soon regret holding the asset.

In an X post, Schiff contrasted the early fear of missing out (FOMO) with what he perceives as a strategic error of holding the asset for too long. “Many people, myself included, regret not buying Bitcoin when they first learned about it,” he said. “Soon, more people will regret not selling Bitcoin above $60,000 when they had the chance.”

This is not the first time Schiff has acknowledged missing out on potential Bitcoin profits. In an interview in March 2024, he wished he had bought the world’s largest cryptocurrency back in 2010 given the profit potential. However, when asked if he would buy at current lower levels, he clarified, “Not a chance,” adding that $20,000 is “way too much to pay for nothing.”

Schiff also addressed accusations from some Bitcoin enthusiasts who claim he secretly holds the cryptocurrency, a charge he promptly denied. His remarks align with his history of declaring Bitcoin “dead” on multiple occasions, while aggressively promoting gold as the ultimate safe-haven asset.

Despite Schiff’s criticism, Bitcoin’s long-term performance significantly outpaces gold, though it has lagged over the past year. The following table compares the gains of Bitcoin and Spot Gold over different periods:

At the time of writing, BTC was exchanging hands at $62,521.08, down 0.27% in the last 24 hours.