The biggest risk in the cryptocurrency world is likely MicroStrategy.

Take a closer look at the peculiar way MicroStrategy buys BTC; they seem to purchase at every stage. They bought a significant amount at the top of the bull market in 2021 and started selling at the lowest point in December 2022, probably because they were short on cash. Although the CEO is a staunch believer in BTC, he never considers the market stage when buying BTC; he buys at the bull market top and sells at the bear market bottom, without leaving himself any cash flow.

If you compare him with Buffett, the difference is clear. Buffett has always kept enough cash to deal with extreme situations. Why did MicroStrategy sell some BTC in December 2022? Probably because they were short on cash; otherwise, they wouldn’t sell. This is like an extremely religious gambler; when faced with extreme situations, they might get wiped out, for example, if BTC stagnates for a year like it did from 2014 to 2015, they probably wouldn’t be able to hold on.

If they had just hired a professional to help with technical analysis, they would know not to buy at the top and to sell a little appropriately. They would have likely increased their BTC holdings several times over the years. They've been dollar-cost averaging for 5 years at a cost of $68,478.47. If the price of Bitcoin dips a little, it would break the 5-year purchase cost line, rendering 5 years of effort in vain.

Additionally, holding 553,555 BTC, this amount of holdings, if they are extremely short on cash and need to liquidate, could cause a drop of 80% in an instant. This seriously threatens Bitcoin's decentralization.