Max Keiser, a prominent Bitcoin maximalist, has expressed skepticism about the resilience of newer Bitcoin treasury companies that aim to replicate the BTC reserve strategies of pioneers like Michael Saylor. He highlights that these companies have yet to experience the challenges of a prolonged bear market, unlike Saylor’s firm, which maintained its buying strategy even when its Bitcoin investments were underwater. Keiser cautions that relying on these newer 'Strategy clones' may be unwise, as they have not demonstrated the financial discipline required during downturns. This surge in Bitcoin treasury firms, motivated by Saylor's strategy, raises concerns among analysts about the sustainability of their high valuations, particularly since some estimates suggest that these companies could hold over 50% of total Bitcoin supply. Investors currently face inflated costs for Bitcoin exposure through these firms compared to direct purchases in retail markets, which some analysts deem unsustainable.

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