#Yes, I Lost \$4B on Bitcoin โ But I Never Sold
Back in 2022, when Bitcoin faced one of its harshest crashes, the headlines were relentless:
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โ*โMichael Saylor is about to get liquidated.โ*
โ*โMicroStrategy took on too much risk.โ*
โ*โThe Bitcoin experiment is over.โ*
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#MicroStrategyBTC #MichaelSaylor โThe critics were loud, and the charts didnโt lie. On paper, **MicroStrategyโs Bitcoin position showed over \$4 billion in losses.** To many, it looked like the end of the road.
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โBut hereโs what most people didnโt understand: I wasnโt panicking. I wasnโt scrambling for an exit. I wasnโt even doubting my decision.
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โWhy? Because I had **prepared for this moment long before it arrived.**
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โ## Conviction Meets Preparation
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โBitcoin is volatile. Anyone entering this market without expecting wild swings doesnโt understand what theyโre holding. I knew crashes would come, and I knew critics would circle like vultures every time the price dipped.
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โBut conviction alone isnโt enough. Conviction without preparation is just gambling. Thatโs why MicroStrategy didnโt build its Bitcoin strategy on hope โ we built it on structure.
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โWhen the market collapsed and people thought liquidation was inevitable, I explained exactly where we stood:
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โ* MicroStrategy had a **\$205 million term loan.**
โ* We needed to maintain **\$410 million as collateral.**
โ* We had **115,109 BTC** that could be pledged.
โ* Even if Bitcoin dropped below **\$3,562**, we could post other collateral to support our position.
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โIn other words, we had designed our balance sheet to **withstand extreme volatility**. The storm was violent, but we had already built the shelter.
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โ## Why I Didnโt Sell
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โFor me, the goal was never to look brilliant at the top. Anyone can look like a genius when the market is euphoric and prices are setting new records.
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โThe real test comes at the bottom โ when fear dominates, when critics scream, and when your resolve is tested. Thatโs when most people panic, cut their losses, and walk away.
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โI didnโt.
โI held.
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โBecause Bitcoin isnโt a short-term speculation to me โ itโs a **long-term conviction**. Selling into fear would mean abandoning the very principle that brought me here: that Bitcoin is the most reliable store of value in the digital age.
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โ## The Lesson
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โThe story of that crash isnโt about losing billions on paper. Itโs about proving the difference between **belief and resilience**.
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โAnyone can believe when things are easy. But surviving the hard times โ holding strong when the world thinks youโre finished โ thatโs where conviction shows its true strength.
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โToday, Bitcoin is stronger than ever. And so is my commitment.
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โI didnโt panic.
โI didnโt sell.
โI held.
โAnd I still do.
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โโ **Michael Saylor**
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$BTC โ---