The fatal error for many of TradBit’s leading analysts was the focus on corporate accumulation from free cash flows. In their model of Bitcoin Economics, operating companies would steadily accumulate Bitcoin with their operating cash flow. Naturally, these cash flows would accumulate less and less Bitcoin over time, due to Bitcoin’s rising price. The oversight was to ignore the power of financing cash flows. It is of course better to buy a Bitcoin today than to wait to generate cash flows from your business, assuming you can cover the financing expense. The reason is that we expect Bitcoin price to increase, so we assume a Bitcoin bought today is more valuable than a Bitcoin bought tomorrow. This is just an assumption, but it is the basis of Treasury Company investing. Because financing cash flows were not considered in the analysis of corporate Bitcoin accumulation, the possibility of Reflexive Accumulation was also widely ignored, or at best, not fully explored. Reflexive Accumulation refers to the relationship between Bitcoin Price and Accumulation Rate. Instead of accumulation slowing as Bitcoin price rose, the Treasury Company model reverses the dynamic. Pundits are still adapting to this fundamental shift in market direction. Failure to align with reality is costly, but so is admitting you didn’t see Strategy coming. While many are still reeling from the shock, we are hurtling toward yet another fundamental shift in market structure. It sounds almost ominous. Yes, you know exactly what I’m talking about. The Terminal Accumulation Point.