Why Michael Saylor Is Defending Strategy's Bitcoin Bet
$BTC is Strategy is under pressure again. weak, STRC has fallen below its $100 par value, and critics are asking the same question: is Saylor's Bitcoin model too risky?
The first answer from Saylor is simple: the balance sheet looks very different from 2022. Back then, Bitcoin dropped below $16K, MSTR crashed into the $13 range, and Strategy's debt was around $300M higher than its Bitcoin and cash reserves.
Now Saylor says the company's BTC and USD reserves exceed its debt by around $48B. Since 2022, Strategy has raised more than $60B in capital and moved that money into Bitcoin, turning the same playbook into an even bigger bet.
But criticism is growing. Strategy keeps selling MSTR and STRC shares to buy more Bitcoin, while STRC recently fell to a record low near $83. Peter Schiff even floated the idea of an investor lawsuit and accused Saylor of potentially misleading investors.
So what now? For supporters, Saylor survived the 2022 drawdown without selling and came out stronger. For critics, the risk is that the model depends on confidence staying alive. For now, this is not just a Bitcoin story it's a leverage, trust, and balance sheet story all at once.
