I think the pressure you put on these treasury companies to actually produce goods and services and perform beyond their Bitcoin holdings is very healthy, but also very ahead of the curve.

If a company saw that the S&P was doing really well, and decided to put their treasury into the S&P index fund, many investors would start asking the same questions as you. "Why would I invest in you when I could buy the S&P myself? You need to be outperforming the S&P to be valuable."

And I think that's exactly where the situation is heading, with investors holding companies' feet to the fire saying, "You need to be outperforming Bitcoin to be valuable."