Saifedean Ammous, author of The Bitcoin Standard, assessed that it would not be easy for Bitcoin-hoarding companies to compete with MicroStrategy. In an interview with Cointelegraph, he said, "It's hard to find a compelling reason to choose another Bitcoin-hoarding company over MicroStrategy. MicroStrategy's massive Bitcoin holdings help lower its cost of capital and provide a competitive advantage. Even when Bitcoin prices fell sharply, MicroStrategy was not pushed close to liquidation. Because MicroStrategy has enough cash to cover its dividend obligations, it has the capacity to respond even if Bitcoin prices fall much more sharply than they are now. Companies that generate stable cash flow can allocate surplus cash not needed for business operations to Bitcoin. However, investing in MicroStrategy stock itself carries risks, and personally, I prefer to hold Bitcoin directly," he added.
