BUYING BITCOIN WITHOUT CASH IS STILL MORE COMFORTABLE :))

📌 40% of Michael Saylor's BTC is out-of-the-money – should we be worried?

🔍 1. How much BTC is MicroStrategy holding?

649,870 BTC → ~3.2% of total supply

Total expenditure: $48.37B

Average cost price: $74,433/BTC

Current value: ~$59–62B

Unrealized profit: +$11–13B → +22.7%

📌 Interesting point:
About 40% of the BTC purchased in the $95K–$105K range is out-of-the-money, but the overall portfolio is still profitable thanks to continuous accumulation since 2020.

📌 2. Why is Saylor not afraid of being out-of-the-money?

(1) No margin used → No liquidation

Saylor buys with: company cash, convertible bonds, MSTR stock

⟹ Even though the price of BTC has dropped significantly, there are no positions that are out-of-the-money.

(2) 97% of the money used to buy BTC comes from fundraising.

MSTR does not use its own money, but rather: issues convertible bonds, sells MSTR shares, borrows at low interest rates.

⟹ The price of BTC increases → the market capitalization of MSTR increases → more money can be raised to continue buying.

Infinite accumulation loop.

(3) The only risk: Bitcoin goes to... "stone age"

That is, BTC must go to 0 for Saylor to "toang" – the probability is lower than: Apple going bankrupt, USD losing value, the Internet shutting down globally.

So it's not surprising when he says:
👉 “We’re buying, we’re buying quite a lot.”

📌 3. Saylor's BTC Buying Mindset

Saylor doesn't care: buying the peak, buying the bottom, market timing

I only care about accumulating over time, with the belief that BTC will go from $100K → $500K → $1M.

🚀 4. So what price should BTC reach for "you guys to buy"?

There is no single number.
There are 3 types of people, each type will have a different "reasonable purchase price":.

🔵 GROUP 1: Long-term investors (1–5 years)

No need to catch the bottom.
Best strategy:

DCA weekly/monthly

Buy more aggressively when BTC corrects 15–25%

🎯 Optimal long-term buying zone:

$70K–$85K → buy and hold

Under $70K → increase weighting

Under $60K → just keep pushing.

🟠 GROUP 2: Short-term Trader

Should closely observe: Volume, Support, Fibo levels

🎯 Short-term potential buying zone:

$86K–$90K (retest)

$82K (strong support)

$75K (super strong support if panic occurs)

🔴 GROUP 3: Newcomers, small capital

→ You shouldn't wait for "BTC to reach 60K" or "to hit the bottom."
→ Just by consistently buying DCA, you are already better than 80% of investors.

🐺 Conclusion in Wolf style:

Saylor does not buy because it is cheap – Saylor buys because of long-term trust.
The price drop affects purchases.
The price is rising, still buying.
What about you?

👉 If you believe BTC will rise to $150K–$300K–$500K,
the price range of 70K–90K currently... there isn't much difference.

What if you want to catch the bottom?
The bottom can only be seen when... it has already passed.