one has to ask: what happens if #Bitcoin drops below Saylor's average cost ($66K), or worse, into the $50Ks? The answer isn't pretty. Such a plunge would likely send MicroStrategy's own stock price into a tailspin (since MSTR shares basically trade as a Bitcoin proxy).

A severe enough decline could trigger debt covenants or margin calls. If formal margin calls are avoided, the pressure from shareholders and creditors would be immense. MicroStrategy might be forced to at least consider selling some of its holdings to shore up its balance sheet

Saylor has always sworn he'll never sell, but every man and every company has a breaking point. If lenders demand more collateral or if that $21B stock sale falls through because investors balk at throwing good money after bad, Saylor's hand could be forced.