Jokingly, the biggest risk in the crypto world may very well be MicroStrategy

Take a closer look at how MicroStrategy purchases BTC; it's quite peculiar, with purchases made at every phase. They bought a lot at the top of the bull market in 2021, and began selling at the lowest point in December 2022, probably due to a cash crunch. Although the CEO is an extreme believer in BTC, he never considers the market phase when buying BTC—purchasing at the bull market peak and selling at the bear market bottom. He doesn't leave himself any cash flow.

When compared to Buffett, the gap is clear. Buffett always keeps enough cash to deal with extreme situations. Why did MicroStrategy sell some BTC in December 2022? It’s likely due to a lack of funds; otherwise, they wouldn't have sold. This is akin to an extreme believer in gambling, who might get taken out during extreme situations, like if BTC were to stagnate for a year as it did from 2014 to 2015; I estimate he wouldn’t be able to hold on.

If he had just hired a professional to help him with technical analysis, he wouldn't have bought at the peak, and could have sold some appropriately. Over these years, he could have likely accumulated several times more BTC. He has been dollar-cost averaging for 5 years at a cost of $68,478.47. If the price of BTC dips slightly, it would break the 5-year cost line, rendering 5 years of effort futile.

Additionally, holding 553,555 BTC, this position size means that if he is extremely short on cash and needs to liquidate, a sudden drop could cause an 80% decline. This poses a serious threat to the decentralization of BTC.