OK, so if BTC rallies to two hundred something thousand, MSTR cost basis is ~150k, and then a bear market starts and they decide to "buy the dip" with more debt pushing cost basis even higher to try and prop up BTC, and all of a sudden you start getting FUD pushing price lower...
Now the 2026/27 maturities are coming up, you've got margin calls and forced liquidations up your ass and you've popped the bubble.
"Investors panic" is a problem if you're raising money through debt. You cannot tell them to suck it up like you can to shareholders.
Trying to stay ahead of your debt is always a risky game no matter what asset your using.
In 2007/8, that asset was property.
How are you calculating the potential cost basis?...
I'm not sure how they finance and manage the debt and what the exact limitations are, but I see no reason why they would be forced to liquidate their bitcoin to cover their debts, and that's what your statement is dependent on.
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