“If you call out someone’s risks they’re taking, and they’re otherwise healthy, you can be accused of creating a run on the bank or being a troll,” said Michael Saylor, the chief executive of MicroStrategy, a software company that has built up a large Bitcoin reserve. “It’s kind of hard to explain this theoretically before the crash happens. But now it’s happened.”In 2020, Mr. Saylor announced that MicroStrategy would begin stockpiling Bitcoin because it had “more long-term appreciation potential than holding cash.” At the end of June, the company had 129,699 Bitcoin, bought for just under $4 billion, according to S.E.C. filings. (With Bitcoin’s recent drop in value, that stash is now worth roughly $1 billion less than what MicroStrategy paid for it.)At the height of the crash, MicroStrategy spent $10 million on 480 Bitcoin, even as …
