$MSTR: Do You Still Believe In Bitcoin and Michael Saylor?

Описание: Over the past year, we’ve broken down the mechanics of Strategy’s capital structure in detail. The converts. The preferreds. The common ATM. The architecture.

But this video is not about mechanics. It’s about experience.

What does it actually feel like to hold common equity through a prolonged drawdown? What happens when you understand the structure intellectually but still feel the weight of living inside it?

In this episode, we step back and examine:

• Why common equity absorbs volatility first
• How the capital stack has evolved
• What it means to fund the digital credit layer
• The emotional cost of dilution during compression
• The difference between conviction and attachment
• And ultimately, whether this is still a Bitcoin thesis worth holding

At its core, this isn’t really about Strategy. It’s about Bitcoin.

The capital structure is a delivery mechanism. The thesis is Bitcoin.

If Bitcoin moves materially higher, today’s pain may look like positioning. If it doesn’t, conviction becomes something else entirely.

This is a conversation about clarity. About honesty. About whether you’re holding because you understand the residual layer, or because you can’t let go of it.

Where do you sit right now? Belief or Doubt?

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Not financial advice.