Saylor at BTC Prague: Every Critic Is Wrong, and Here Is the Math
Notes combined from 2 interviews Saylor gave in BTC Prague
Strategy sold 32 BTC to prove to credit-rating agencies the collateral is liquid. Without that proof, STRC loses investment-grade backing, the credit business collapses, and Strategy buys $0 of Bitcoin per year instead of $20-25B.
The $15B in preferred equity (STRC, STRK, STRF) cannot trigger liquidation. Only the $6.5B in convertible bonds can - and Strategy has already bought back $1.5B with a plan to retire all of them.
Bitcoin at $60K sits at its 200-week moving average - the network’s accumulated cost basis. That is the structural floor, not a crash in progress.
AI equity raises (~$500B collectively from SpaceX, Anthropic, OpenAI) are pulling 1-2% of institutional portfolios away from Bitcoin temporarily. Saylor’s reversal timeline: 12-24 weeks.
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