Bitcoin treasury companies are not treasury companies

Over the history of bitcoin, many people has reached the conclusion that bitcoin is where they should keep some/most/all of their savings.

The same arguments apply not only to individuals, but to ANY GROUP with an economic activity as well -- be that a family business, a medium sized company, a city, or a country. These entities started saving in bitcoin later (mostly due to inertia and the slowly adopting legal/regulatory system). I expect this to happen more and more, as the natural progression of bitcoin. You may not like some of these entities, but that doesn't matter (bitcoin is for anyone), and coins will never run out (who want them more will get 'em).

Treasury companies on the other hand -- and here I mean (Micro)Strategy and clones -- are a different, because they stack coins from the money of OTHER people and entities. In this regard they are more like the "send me a coin, I'll send you two" schemes. Even the name is a misnomer: if you buy MSTR for btc exposure, they stack coins from your money, so not from their own treasury. It's very important to distinguish companies stacking from their organic cash reserves and the debt-sucking investment machines. Be careful with the latter. They may have an accelerating effect on bitcoinization, but come with great risks.