Bitcoin treasury firms centred on buying bitcoin may struggle to catch up with Michael Saylor's Strategy, an assessment said.

Cointelegraph, a blockchain outlet, reported on Oct. 2 that economist Saifedean Ammous (사이페딘 아무스), author of "The Bitcoin Standard", said Strategy's scale and cash holdings give it an advantage over competitors.

Ammous said it was hard to find a compelling reason to choose another bitcoin treasury firm over Michael Saylor's Strategy. Strategy said in an 8-K filing that it holds 847,666 bitcoin bought for $63.95 billion. It also holds $5.02 billion in dollar reserves to use for preferred dividends and debt interest payments.

He said Strategy can raise funds at lower interest rates because it holds more bitcoin. He added it has never come close to liquidation even in past downturns.

Strategy's funding model came under scrutiny this summer as the bitcoin price fell below $60,000 and its STRC preferred stock traded well below its $100 target price. Strategy later raised the STRC annual dividend rate to 12 percent, repurchased shares and built up cash reserves. It sold some bitcoin to fund dividends and STRC buybacks, then resumed bitcoin purchases.

Ammous said Strategy has enough cash to meet its payment obligations even if bitcoin falls further. He said investing in Strategy carries risks and added he prefers holding bitcoin directly.

He said companies with positive cash flow can allocate excess cash to bitcoin as a long-term reserve asset. He said funds needed for daily, weekly and monthly operations should be separated from long-term reserves, and added he expects more companies to adopt that approach.

On the bitcoin price, he said it is likely the market has already bottomed, but the possibility of further declines remains. He pointed to 2029 as the timing for the next cycle peak and suggested an estimate of around $200,000 for the 2030 price. He added he would not bet money on that estimate. He also said that as drawdowns shrink, fading memories of past bear markets could make it a more attractive asset for large asset managers.