Economist and author Saifedean Ammous has stated that Bitcoin treasury companies centered on accumulating the cryptocurrency are likely to struggle in competing with Michael Saylor’s Strategy. Speaking on a recent discussion, Ammous pointed to Strategy’s dominant position and financial buffers as key reasons other operators offer little additional appeal.

Strategy currently maintains the largest corporate Bitcoin treasury, holding 847,666 BTC acquired at a total cost of $63.95 billion, according to its latest regulatory filing. The company also reported a $5.02 billion cash reserve designated to cover preferred stock dividends and debt interest payments.

Scale Provides Financing Edge

Ammous explained that Strategy’s substantially larger Bitcoin holdings enable it to access borrowing at lower rates than smaller competitors. This cost advantage, combined with its cash position, has helped the company weather prior market declines without approaching liquidation thresholds.

The firm’s financing approach faced scrutiny during the summer when Bitcoin traded below $60,000 and its STRC preferred stock moved well under the $100 target price. In response, Strategy increased the annual dividend rate on STRC to 12 percent, conducted share repurchases, expanded its cash reserves, and sold a portion of its Bitcoin holdings to support dividend payments and buybacks before returning to accumulation.

Corporate Bitcoin as Reserve Asset

Beyond the competitive dynamics among treasury specialists, Ammous outlined a broader view of how companies should approach Bitcoin. Businesses generating positive cash flow can allocate surplus funds to Bitcoin as a long-term reserve asset, he said, while keeping operational liquidity separate for daily, weekly, and monthly needs.

He expects wider adoption of this surplus-reserve approach. At the same time, Ammous cautioned that exposure to Strategy itself involves risks tied to corporate structures, preferred equity terms, and management decisions. He stated a personal preference for holding Bitcoin directly rather than through any intermediary vehicle.

Outlook for Bitcoin’s Cycle

On market trajectory, Ammous said Bitcoin has probably already reached a bottom, though another decline remains possible. He anticipates the next major cycle peak around 2029, with prices generally rising in the intervening period. Smaller subsequent drawdowns could improve Bitcoin’s appeal to large asset managers as recollections of earlier bear markets diminish.

When asked for a 2030 price estimate, Ammous offered a best guess of roughly $200,000. The figure draws from the Bitcoin power-law model and sits near the lower end of the range he referenced. He added that he would not place a bet on the projection.

Strategy’s combination of sizeable holdings and dedicated cash reserves continues to set a high bar for other firms pursuing pure Bitcoin treasury strategies, according to the assessment.