Key Takeaways
- • Strive CEO Matt Cole argued in an October 2026 X post that gold and Bitcoin can keep outperforming the US dollar as money supply growth and rising debt erode its purchasing power.
- • Cole's figures show gold returning 18.3% annualized since 2020 versus 6.5% for the US M2 money supply, with Bitcoin at 43.13% annualized over the same window.
- • Bitcoin traded near $83,000 at the time of writing, roughly 34% below its all-time high of over $126,000 and down nearly 23% year over year, per CoinGecko data.
- • Strive held 35,595 BTC after buying 3,311 BTC in one week and 2,822 BTC on October 14, worth about $2.9 billion at the current price.
- • MSCI's finalized index rules could remove Strategy from its major indexes, and Strategy's stock fell from above $151 to below $137 over the week, testing sentiment toward treasury companies.
Summary
Strive CEO Matt Cole has argued that gold and Bitcoin can continue to outperform the US dollar as expanding money supply and rising debt erode its purchasing power. In a post on X, Cole compared the annualized growth of gold with that of the US M2 money supply, a measure that includes cash, checking deposits and other liquid money. According to his figures, gold returned 9.0% annually since 1970 against 6.7% for M2. The gap widened in more recent periods: since the 2008 global financial crisis, gold returned 9.5% against 6.3% for M2, and since the COVID-19 period began in 2020, gold gained 18.3% annually against 6.5% for M2. Bitcoin's annualized return over the 2020 comparison window was 43.13%. Cole described Bitcoin as "digital gold" and a superior store of value, and said he expects it to outperform gold as it matures.
Market data cited in the article shows Bitcoin trading close to $83,000 at the time of writing, up more than 1% over 24 hours after oscillating between roughly $80,700 and $82,800. Over seven days it was down almost 2%, while over 30 days it was up a similar amount. CoinGecko data shows the price down nearly 23% from a year earlier and about 34% below its all-time high of over $126,000. The Federal Reserve's October 27 and 28 meeting is a near-term focus, alongside preliminary one-year inflation expectations of 4.7% in the University of Michigan survey, up from 4.6%.
On Strive's holdings, the company disclosed on October 13 that it had bought 3,311 BTC in a week, bringing its total to 32,773 BTC. On October 14 it added another 2,822 BTC, taking its stash to 35,595 BTC, worth about $2.9 billion at the current price. Sentiment toward treasury companies is under pressure, however. MSCI finalized rules last week that could remove Strategy from its major indexes, and the stock fell from a Thursday peak above $151 to below $137 at Friday's close.
Cole's broader thesis is that monetary debasement will continue as the debt crisis worsens, and that scarce-asset outperformance could accelerate against the dollar. The article characterizes this as his investment thesis rather than a guaranteed outcome. For Strive, he argued, the central challenge is maintaining a high "Amplification Ratio," meaning the degree to which the company's structure magnifies Bitcoin performance, without exposing the business to a damaging financial setback. He believes investors place too much emphasis on cost of capital and traditional fiat cash flows, and overlook the company's ability to sustain that amplification with liquidity.
Market data cited in the article shows Bitcoin trading close to $83,000 at the time of writing, up more than 1% over 24 hours after oscillating between roughly $80,700 and $82,800. Over seven days it was down almost 2%, while over 30 days it was up a similar amount. CoinGecko data shows the price down nearly 23% from a year earlier and about 34% below its all-time high of over $126,000. The Federal Reserve's October 27 and 28 meeting is a near-term focus, alongside preliminary one-year inflation expectations of 4.7% in the University of Michigan survey, up from 4.6%.
On Strive's holdings, the company disclosed on October 13 that it had bought 3,311 BTC in a week, bringing its total to 32,773 BTC. On October 14 it added another 2,822 BTC, taking its stash to 35,595 BTC, worth about $2.9 billion at the current price. Sentiment toward treasury companies is under pressure, however. MSCI finalized rules last week that could remove Strategy from its major indexes, and the stock fell from a Thursday peak above $151 to below $137 at Friday's close.
Cole's broader thesis is that monetary debasement will continue as the debt crisis worsens, and that scarce-asset outperformance could accelerate against the dollar. The article characterizes this as his investment thesis rather than a guaranteed outcome. For Strive, he argued, the central challenge is maintaining a high "Amplification Ratio," meaning the degree to which the company's structure magnifies Bitcoin performance, without exposing the business to a damaging financial setback. He believes investors place too much emphasis on cost of capital and traditional fiat cash flows, and overlook the company's ability to sustain that amplification with liquidity.
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