The Treasury Company lines up to copy Strategy assignments, and one sentence from Ammous cuts straight through: You can’t learn this
In this round of the BTC market, the group that deserves the spotlight isn’t retail—it’s the buyers behind the scenes. Economist Ammous puts it plainly: companies that rush to learn Strategy by issuing stocks to hoard BTC can hardly produce a second [successful] one. The author of *The Bitcoin Standard* is never shy about speaking his mind, but this time I’m on his side.
Why can’t you copy it? My take is straightforward: Strategy profits from the first bite—the early listings, being included in indexes early, and the self-feeding cycle where stock price premiums and the size of coin hoards nourish each other. Later entrants come in when the coin price is already high, and their own premium hasn’t held up yet. In other words, you’re paying a high price to buy the exact same position. From start to finish, this meal only feeds the first person.
Look at how the “outside the mainstream” charts really are: ADA is trading around $0.26 right now. While BTC has been pushing higher, ADA didn’t really keep up. It’s not that nobody is calling; it’s that capital simply isn’t flowing downward. The water is concentrating more and more toward certainty—that’s the clearest story the market has been telling over these past couple of weeks.
ETH’s trend line is the opposite—it’s more forward-looking. A few days ago, Vitalik (V God) went over the roadmap for 2030 again: the so-called “world computer” doesn’t rely on stacking up chain size and bulk; it’s built on layers of cryptography from the ground up. On one side, shell companies that issue shares to buy coins line up to copy the playbook. On the other side, the protocol design lays out the next five years, and long-term capital recognizes which kind it is—no mystery there.
The “coin-hoarding” narrative isn’t impossible to live on, but it’s down to just two ways to survive: buyers with real cash flow, and protocols that are genuinely upgrading. The middle layer—the shells—this year is the year of convergence.
Tomorrow at the same time, watch the next earnings report from a coin-hoarding company—whether the premium is still there, whether liabilities blow up. You’ll know at a glance who truly learned it and who is only pretending.
🐶 Let’s check out Ma’s little dog ✨🚀
In this round of the BTC market, the group that deserves the spotlight isn’t retail—it’s the buyers behind the scenes. Economist Ammous puts it plainly: companies that rush to learn Strategy by issuing stocks to hoard BTC can hardly produce a second [successful] one. The author of *The Bitcoin Standard* is never shy about speaking his mind, but this time I’m on his side.
Why can’t you copy it? My take is straightforward: Strategy profits from the first bite—the early listings, being included in indexes early, and the self-feeding cycle where stock price premiums and the size of coin hoards nourish each other. Later entrants come in when the coin price is already high, and their own premium hasn’t held up yet. In other words, you’re paying a high price to buy the exact same position. From start to finish, this meal only feeds the first person.
Look at how the “outside the mainstream” charts really are: ADA is trading around $0.26 right now. While BTC has been pushing higher, ADA didn’t really keep up. It’s not that nobody is calling; it’s that capital simply isn’t flowing downward. The water is concentrating more and more toward certainty—that’s the clearest story the market has been telling over these past couple of weeks.
ETH’s trend line is the opposite—it’s more forward-looking. A few days ago, Vitalik (V God) went over the roadmap for 2030 again: the so-called “world computer” doesn’t rely on stacking up chain size and bulk; it’s built on layers of cryptography from the ground up. On one side, shell companies that issue shares to buy coins line up to copy the playbook. On the other side, the protocol design lays out the next five years, and long-term capital recognizes which kind it is—no mystery there.
The “coin-hoarding” narrative isn’t impossible to live on, but it’s down to just two ways to survive: buyers with real cash flow, and protocols that are genuinely upgrading. The middle layer—the shells—this year is the year of convergence.
Tomorrow at the same time, watch the next earnings report from a coin-hoarding company—whether the premium is still there, whether liabilities blow up. You’ll know at a glance who truly learned it and who is only pretending.
🐶 Let’s check out Ma’s little dog ✨🚀