"In crypto, diversification dilutes community value The speaker argues from industry observation that while diversification is a standard tool in traditional portfolio management, it actively backfires in crypto treasury companies: "diversification can sometimes be good for general traditional portfolio management, but in crypto, I'm not sure it's actually a useful tool" because "the value system gets eroded" and you become "a slave to multiple masters." Multi-asset treasury companies fail to fully tap any single community, and most crypto investors want "maximal optionality" and volatility, not smoothed returns. Someone building or evaluating a crypto treasury company should treat focused, single-asset commitment as a feature, not a risk. Source: Jeff, Crypto Podcast, Salt Conference Interview"