Black Swan Risk for Bitcoin Markets
Hero Portfolio
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MicroStrategy’s leveraged position makes it a potential systemic risk for the crypto ecosystem:
It owes over $8.2B in convertible debt and $7.5B in preferred stock, costing $779M/year in payouts.
If BTC crashes below $13K, insolvency could occur.
Panic or forced liquidation could create a feedback loop, driving BTC prices down sharply and impacting the broader market.
Unlike FTX, MicroStrategy isn’t an exchange—but its collapse could hit Bitcoin even harder.
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i though black swan is a movie till now