Yes, I was down $4B on Bitcoin — but I never sold.
Back in 2022, when Bitcoin crashed, the headlines were everywhere:
“Michael Saylor is about to be liquidated.”
Critics said MicroStrategy had taken on too much risk. They pointed to the charts, did the math, and concluded I had lost more than $4 billion on paper.
Were the numbers wrong? No. But the interpretation was.
What they didn’t understand was this: I wasn’t afraid. Because I had already prepared for the storm.
I knew Bitcoin would be volatile. I knew the critics would circle. But I also knew one truth — conviction without preparation is just gambling.
So I explained to the world:
MicroStrategy had a $205M term loan.
We needed to maintain $410M as collateral.
We held 115,109 BTC we could pledge.
If Bitcoin fell below $3,562, we could post other collateral.
This wasn’t panic. It was strategy. We had structured our balance sheet for volatility so we could keep HODLing through adversity.
Because the real game isn’t about looking like a genius at the top.
It’s about surviving the bottom.
I didn’t panic. I didn’t sell.
I held then.
I hold now.
— Michael Saylor