Strive CEO Matt Cole: Bitcoin has simultaneously broken through against the US Dollar and Gold, Strive currently holds over 20,000 Bitcoins
Strive CEO Matt Cole published a lengthy article stating that Bitcoin has simultaneously broken through against the US Dollar and Gold, confirming the end of the bear market and strengthening the judgment that the next cycle will be the strongest in history.
He cited the Bitcoin/Gold ratio chart, claiming that this ratio has been a leading indicator of Bitcoin's own trend over the past two years. The Bitcoin relative to Gold is expected to peak in December 2024, while the US Dollar valuation will be delayed until October 2025, lagging nearly a year; relative to Gold, it is expected to bottom in February 2026, while the US Dollar valuation will bottom in July, lagging about five months. This week, Bitcoin has strongly broken through against both, and if a meaningful pullback occurs, the market will actively buy.
Cole emphasized that the long-term structural weakening of the US Dollar is the core support. He referenced a long-term chart of the US Dollar Index, suggesting that the Dollar may enter a secular downtrend lasting several years. Bitcoin has never experienced a true secular collapse of the Dollar, and this macro backdrop will provide unprecedented tailwinds.
He further pointed out that the AI-driven era is driving up demand for non-replicable scarce assets. Knowledge, software capabilities, and traditional business moats are easier to replicate, while capital will be priced at a premium for scarce forms like Bitcoin and Gold that cannot be manufactured, creating a structural strength for Bitcoin that has never existed before.
Three forces are converging: the weakening Dollar, rising scarcity demand in the AI era, and the strengthening BTC/Gold ratio, creating a favorable market environment for Bitcoin that has never been seen before. If Bitcoin re-establishes itself as the "fastest horse" in scarce trading, it will attract disproportionate capital inflows, forming a positive feedback loop.
From a market mechanism perspective, event-driven dynamics are evident. Funds are flowing from traditional risk assets and Gold into Bitcoin, with institutions and corporate Bitcoin treasury companies continuously increasing their holdings, benefiting companies with high-leverage Bitcoin exposure and long-term holders, while those still relying on fiat currency and traditional 60/40 allocations are under pressure.
Strive currently holds over 20,000 Bitcoins, has a zero-debt structure, and continues to amplify Bitcoin exposure through tools like preferred shares, buying weekly even during the bear market.
Source: Public Information
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Matt Cole previously managed a $70 billion US Treasury portfolio at CalPERS, experiencing quantitative easing and debt expansion, forming a long-term judgment on the structural devaluation of the Dollar. He directly embedded this logic into Strive, shifting the company from traditional asset management to a pure Bitcoin treasury model, using Bitcoin as the hurdle rate for all capital allocations, refusing to dilute Bitcoin exposure with cash flow businesses.
The capital path is clear: continuous financing through preferred shares SATA, acquiring Semler Scientific with a one-time addition of about 5,000 Bitcoins, and a zero-debt, zero-margin structure, turning common stock into a Bitcoin amplifier. The motivation is to maximize participation in Bitcoin's upside, rather than pursuing "safe" cash flow. The consistent weekly buying during the bear market proves that the structure can operate in real pullbacks.
A similar path points to MicroStrategy: also making Bitcoin the core of its balance sheet, using equity and preferred tools to amplify exposure, accelerating accumulation at the bottom of the cycle. Strive is in the expansion phase of Bitcoin corporate treasuries, moving from a startup to being among the top ten public holders globally, transitioning from a "follower" to an "amplifier" role.
Essentially, this is a transfer of pricing power. The secular decline of the Dollar expands the total pool of scarce assets, while AI devalues replicable assets, forcing capital to reprice non-replicable monetary scarcity. Bitcoin is regaining market share in the leading signals relative to Gold, with the mechanism being the overlap of liquidity and reflexivity: relative strength attracts more capital, capital deepens liquidity, and liquidity attracts capital again.
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