Over the last five years, Michael Saylor deployed nearly $50 billion into Bitcoin.
Now, the numbers have turned against him.
After adjusting for inflation, the position is sitting roughly $10 billion underwater.
But price drawdown isn’t the real threat.
The real danger is structural.
A significant portion of those Bitcoin acquisitions were fueled by borrowed capital—and debt doesn’t care about conviction. It demands repayment.
That’s where instability accelerates.
I flagged this over a month ago. This isn’t just about one investor—it’s about centralization emerging inside a system designed to resist it. When massive leverage concentrates in a few hands, resilience erodes.
Excess leverage turns networks brittle.
Brittle systems break suddenly.
I’ll continue tracking this closely in the months ahead.
And when I re-enter Bitcoin, I’ll announce it publicly.
Many will wish they had paid attention to these signals while there was still time.
