"Build a network stake, not just a coin stack The speaker argues from a long-term institutional perspective that treasury companies which only accumulate Bitcoin on their balance sheets are playing an incomplete game: "the treasury company that will have succeeded will not just be having bought more Bitcoin on its balance sheet," but will also have "a principled view of where you think the Bitcoin network can be served" by investing in ecosystem partners. Treating Bitcoin as "just a coin that trades at $120,000" misses that it is "an input towards broadly a decentralized network of utility." Leaders of any capital vehicle holding a scarce network asset should ask: what will we do with this capital to strengthen the network itself, not just our own balance sheet? Source: Jeff, Crypto Podcast, Salt Conference Interview"