I lost $4 billion on Bitcoin, but I did not sell it.


When Bitcoin crashed in 2022, the news was full of stories about how "Michael Saylor is about to get liquidated."


People thought I was done. They said MicroStrategy was taking on too much risk. They looked at the charts and saw that I had lost more than $4 billion on paper.


And you know what? They were right about the numbers. But this is what they did not get...


I was not scared. Because I had already made plans for this storm. I knew Bitcoin would be volatile and that critics would come after it, but I also knew that faith without preparation is just gambling.


So I told everyone:


"MicroStrategy has a $205 million term loan and needs to keep $410 million as collateral." We can pledge 115,109 BTC. We could put up some other collateral if the price of BTC drops below $3,562. We planned for volatility and set up our balance sheet so we can keep HODLing through tough times.



I was not freaking out. That was me reminding everyone why I was there.



The secret is not about how smart you look at the top.

It is about getting through the bottom.


I did not freak out. I did not sell. I kept it.

And I still do.


— Michael Saylor


$BTC | $XRP | $GUN