MicroStrategy, now renamed Strategy, has published a Bitcoin guide warning investors about the risk of a 93.1% collapse, the record historical decline recorded at the 2011 low. The document focuses on survival rather than market direction, reminding investors that someone can be right about Bitcoin over ten years while still losing money due to leverage, option decay, or forced liquidation. Strategy currently holds 845,050 BTC at an average cost of $75,412, with the market price near $77,106, leaving the company barely 2% above water. The company recently purchased 4,603 BTC at an average price of $80,318, and these purchases are already underwater. The warning raises a conflict of interest as Strategy profits directly from higher Bitcoin prices while warning about extreme downside risks.
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