It makes more sense to me that businesses will start holding bitcoin when they actually need it for transactions, which won't happen until we're quite a bit further down the adoption curve.

Undisciplined

econ

Corporate Bitcoin Adoption Wave Coming

Most companies are focused on turning cash into earnings via production and risk not hoarding currencies (of any kind).  The ones that buy government bonds are doing so mostly with short-term maturities for liability-matching purposes.  That is, they have to buy something in 45 days, so they buy 44 days of commercial paper, to make a few basis points between now and then.  