Yes, I took a $4B hit on Bitcoin — but I never sold.
Back in 2022, when BTC crashed, the headlines were all over it:
“Michael Saylor is on the verge of liquidation.”
Everyone thought it was game over — that MicroStrategy had taken on too much risk. On paper, I was down more than $4 billion.
And honestly, they weren’t wrong about the math. But here’s what they didn’t get…
I wasn’t afraid. I had prepared for this exact scenario. I knew Bitcoin’s volatility, I knew critics would show up — but I also knew one truth: conviction without preparation is nothing more than gambling.
So I made it clear:
“MicroStrategy has a $205M loan and needs $410M in collateral. We hold 115,109 BTC that can be pledged. If BTC ever dropped below $3,562, we could add other collateral. We built our balance sheet for volatility, so we can keep HODLing through the storm.”
That wasn’t panic. That was strategy.
Because success isn’t about looking brilliant at the peak —
It’s about surviving the crash.
I didn’t panic. I didn’t sell. I held.
And I’m still holding.
— Michael Saylor
