Last night, MicroStrategy's $40 billion Bitcoin holdings evaporated entirely.

I opened Twitter, and industry sentiment hit rock bottom. Suddenly, I remembered that night in 2020.
At that time, I had already endured two years of bear market, almost exhausted all patience. ICO project teams exchanged the ETH they raised for luxury cars and mansions, and even mocked the crypto world for having no value. The hodlers became the laughingstock; believers held ETH for two years, only to see the price drop below $150.
Killing, arson, and gold belts, building bridges and repairing roads without corpses. The world shouldn't be like this.
In the post-pandemic apocalyptic atmosphere, I was ready to liquidate and change careers. A longtime friend of mine, a rare good person in the industry who has been through thick and thin for years, asked to meet me.
I confided all my doubts and disgust to him. After listening patiently, he said: Believe in Bitcoin.
This industry indeed has many shameless people and terrible things, but none of that has anything to do with BTC. The value of BTC hasn't changed; it's always there.
Two months later, MicroStrategy bought 21,454 BTC with $250 million. The subsequent bull market was extraordinarily fierce; Facebook rebranded as META, El Salvador incorporated BTC into national reserves, and top celebrities changed their profile pictures to NFTs.
We had everything, but we no longer held BTC.
Who would buy BTC now? DeFi pools offer 1000% annual yields, and exchange fixed income can reach 15%. Yet MicroStrategy quietly accumulated 200,000 BTC.
Now we are again caught in a painful cycle. Funds are drained by AI; Google is worth $4 trillion, Nvidia approaches $5 trillion. People buy A-shares, gold, memory sticks, Mac minis—anything but Crypto.
The industry popularized the ABC investment strategy: Anything But Crypto.
Big players say gold is physical BTC; community members joke that gold is Apple gold, BTC is Android gold. The top narratives from the last cycle mostly went bankrupt; only MicroStrategy is still struggling to buy more, accumulating more BTC while stock prices keep falling.
Compared to AGI and WW3, everything told in the Crypto industry is too mundane.
But today, Michael Saylor still insists: We buy real BTC, not fake BTC used for secondary collateral, and everything is auditable.
As of now, MicroStrategy has accumulated a total of 712,647 BTC.
While everyone is busy siphoning profits from the crypto industry and watching it become more marginalized, Michael Saylor is one of the few who continues to buy BTC with real money, injecting confidence into the industry. His words and actions are consistent; his holdings represent his stance.
The value of BTC hasn't changed; it's always there.
Gold is inconvenient to carry, difficult to divide, and the issues of authenticity still exist. The narrative of AI Agents naturally combining with Crypto remains unchanged, and industry infrastructure continues to improve.
If you believed in BTC over the past 10 years, there’s no reason not to continue believing now.
Satoshi Nakamoto once said: If you don’t believe me or don’t understand, I don’t have time to convince you. Sorry.
We may not need new narratives; what we need is to regain the confidence Satoshi Nakamoto had when he said that.
The 710,000 BTC purchased with real money by MicroStrategy is the strongest support for the industry. Everyone can become their own MicroStrategy—a decentralized, more powerful MicroStrategy than MicroStrategy itself.
Hold on; the bear market is the best time for wealth redistribution.$BTC