MicroStrategy's Bitcoin Guide Issues a 93% Crash Warning to Investors

MicroStrategy, now renamed Strategy, has released a Bitcoin guide that warns investors of a 93.1% crash the cryptocurrency has already experienced. Executive Chairman Michael Saylor shared the document, focusing more on losses and position sizing than potential gains. The 93.1% drop, which occurred at Bitcoin's 2011 low, stands as the deepest decline in Bitcoin's trading history, with a worst one-year return of -83.6%.

The guide emphasizes survival over direction, as being right about Bitcoin over ten years does not protect against losses within just ten months. Despite the warning, Saylor himself experienced a 62% stock price drop and subsequent fraud charges in 2000, forcing him to pay $8.28 million in disgorgement and a $350,000 penalty. Strategy holds 845,050 BTC at an average cost of $75,412, leaving the company slightly above water but still 38.8% below its 2025 record high.

Recent Bitcoin purchases have already resulted in losses for the company. The guide acts as both a warning and a product menu, offering options for common and preferred stock in a BTC treasury company, with the company openly admitting to profiting from higher Bitcoin prices.