Listen up.
Over the last 5 years, Michael Saylor deployed nearly $50B into Bitcoin.
At current prices, that position is underwater — and inflation-adjusted, the drawdown is closer to $10B.
The real risk isn’t the red P&L.
It’s how a significant portion of that BTC was acquired: leverage.
Debt doesn’t care about conviction.
It has schedules. Covenants. Margin thresholds.
When leverage meets concentration, fragility follows —
and that directly conflicts with what Bitcoin was designed to avoid.
I flagged these risks over a month ago.
This isn’t hindsight — it’s structure.
I’ll keep sharing updates as this plays out.
And when I start buying Bitcoin again, I’ll say it publicly.
Ignore the warnings if you want.
Many will wish they hadn’t.
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