The claim that MicroStrategy’s Bitcoin bet is a crypto black swan feels like warning about a storm while riding a sailboat in calm waters. Sure, their leveraged position (2x–4x exposure via debt) is risky, but the company’s stock has *triplled* since 2020, outperforming Bitcoin itself. If Bitcoin crashes, yes, they’d face margin calls, but their balance sheet is still strong enough to weather a 50% dip, per BitcoinTreasuries.NET. The real risk isn’t MicroStrategy’s collapse—it’s how much Bitcoin’s price swings could ripple through markets if institutional adopters panic. But let’s not conflate corporate risk with systemic collapse. Think of it like a tightrope walker: they’re balanced on a thin line, but the net’s still there. Skeptics like Peter Schiff scream "death spiral," but others see a bet on Bitcoin’s long-term potential. The market’s not convinced it’s a black swan yet—just a high-stakes gamble.

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