MicroStrategy's urgent continuous buying of Bitcoin—can a company like this succeed in the future?

That's a question worth pondering~
The biggest leveraged Bitcoin gamble in history~
Saylor's logic is so self-consistent that it’s astonishing: issuing debt → buying BTC → BTC rises → stock price rises → issuing more debt → buying more BTC.
As long as this machine keeps running, it can reinforce itself~
This model has one premise:
Bitcoin cannot drop sharply, and it cannot decline for a long time~
Historically, BTC has fallen 80%.
If such a correction happens again, what will happen to MicroStrategy’s debt structure?
When the convertible bonds issued mature, and the stock price falls below the conversion price, bondholders will demand cash repayment.
Where does the cash come from? Selling BTC.
Selling BTC pushes prices down further, and the stock price continues to fall, increasing debt pressure—
A death spiral, textbook style—
A bear market failure—if macro liquidity tightens, BTC undergoes a deep correction, MicroStrategy could become the biggest minefield of this cycle, no doubt—
This company is essentially a Bitcoin long call option, not a traditional business operation—
People buying it aren’t investing in the company’s fundamentals; they’re betting on faith in BTC with leverage—
If the faith is right, they become legendary—
If the faith is wrong, they get wiped out—
There’s no gentle ending in between—
Has anyone calculated at what point Bitcoin’s price will cause MicroStrategy to start selling Bitcoin?
#MicroStrategy #Bitcoin #杠杆风险 #Saylor