Treasury Allocation

Michael Saylor reignited the Bitcoin vs gold debate by citing 36% annualized returns for BTC versus 16% for gold — a claim that demands careful unpacking. This article adjudicates what each camp is actually measuring, reconciles five‑year scorecards, and translates extreme $500k/$10k scenarios into practical allocation guidance.

March 2026’s move above $73–74k reflects more than short-term momentum — ETF inflows, growing corporate treasury allocations and bank acceptance of BTC/ETH are changing market structure. This piece explains how those forces affect liquidity, volatility and medium-term price discovery for allocators.