But the real danger of the 'Strategy effect' does not lie in Strategy itself, but in all those who imitated it.
The market is full of smaller companies, with fewer resources and lower risk tolerance, that followed the 'Saylor manual' and converted part of their cash into bitcoin. These companies do not have Strategy's ability to raise capital in adverse conditions or the same direct line to debt markets.
In the following chart, provided by the BitcoinTreasuries platform, it can be seen that there are at least a hundred companies that 'bought' Saylor's thesis and started accumulating bitcoin. Many of them even made bitcoin accumulation their main business model.
