He argued that if BTC remains only a financial instrument, Strategy could eventually face government intervention because its value would be tied primarily to the underlying asset. He acknowledged that such an outcome is uncertain, but said Bitcoin’s emergence as a currency provides another path.

“If Bitcoin emerges as a currency, then Strategy becomes one of the most valuable companies around, because they went early,” he said.

The comments came during a discussion about Bitcoin treasury companies and whether their models can work over long periods. Melker recalled being pitched investments in nine BTC treasury companies at Bitcoin Vegas, arguing that many appeared to have no clear business plan beyond accumulating the cryptocurrency.

Booth’s criticism goes further. He believes companies should generate cash inside the existing economy and then save part of that cash in Bitcoin. In his view, simply creating a company to buy BTC misses the original logic of holding the asset.

That concern also applies to Bitcoin yield products. The investor argued that offering high interest rates in exchange for users giving up self-custody can recreate the financial structure Bitcoin was intended to challenge.

Strategy’s Recent Bitcoin Moves

While Booth was making his case, Strategy’s own numbers kept shifting. On August 10, the company sold 1,690 BTC for $108.6 million and used the proceeds to buy back 1.15 million STRC preferred shares, and separately sold 6.59 million MSTR shares to raise $653.1 million for its cash reserve, which now sits above $4.6 billion.

Total holdings have fallen to 840,447 BTC, bought for $63.36 billion at an average price of $75,385.

CEO Phong Le said on August 12 that Strategy plans to resume Bitcoin purchases by the end of the year, describing the recent sales as a pause rather than a change of direction. The firm has bought around 175,000 BTC in 2026 and sold roughly 7,000, which Le called a 25-times net buyer.

STRC, the preferred share tied to those sales, has climbed back from lows near $75 but remains under its $100 par value, closing near $95 last Friday.