Strategy just reported $14.5 billion in unrealized losses. Saylor's firm held 762K $BTC through the worst quarterly drawdown since 2018. The man who wrote the playbook on "never sell Bitcoin" is sitting on paper losses larger than most companies' market caps. His response? Keep buying. Not financial advice. But when your thesis requires the founder to stay solvent forever... That's not a strategy. That's a religion. The market doesn't care about conviction. It cares about margin calls.
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