Michel Saylor's Strategy will not be liquidated if Bitcoin falls below $76000.
- IMLOVINGCRYPTO
- Feb 1
- 3 min read
In recent days, a familiar wave of fear has returned to crypto Twitter:
“If Bitcoin drops below $76,000, Strategy (formerly MicroStrategy) will be liquidated.”
The claim spread quickly and predictably but once again, it fails under even basic scrutiny.
What makes this situation particularly interesting is that the liquidation rumor was publicly debunked not by Saylor supporters, but by Anton Golub, one of the most vocal critics of Strategy’s Bitcoin-focused approach.
“This Is Not a Liquidation Strategy”
Despite calling Michael Saylor’s model “Ponzi-like,” Golub was explicit in dismissing the liquidation narrative:
> “Strategy is not selling Bitcoin.
Strategy is not being liquidated.”
That distinction matters. A lot.
How Much Bitcoin Does Strategy Actually Hold?
Strategy currently owns 712,647 BTC, acquired at an average price of $76,037 per Bitcoin. While that makes the company extremely exposed to Bitcoin price movements, exposure alone does not imply forced selling.
The key question is simple:
👉 Does a temporary drop below $76,000 automatically trigger liquidation?
The answer is no.
Understanding Strategy’s Debt Structure
Since 2020, Strategy has issued $8.214 billion in convertible bonds, with maturities spread over many years:
$1.01B (0.625%) due 2028
$3B (0%) due 2029
$800M (0.625%) due 2030
$2B (0%) due 2030
$604M (0.875%) due 2031
$800M (2.25%) due 2032
This structure is crucial.
These are not margin loans. There are:
no daily collateral requirements,
no margin calls,
no automatic liquidation thresholds tied to Bitcoin’s spot price.
As Golub himself points out:
> “Saylor does not need to sell any Bitcoin in the near future.”
Critical - But Factually Accurate
Golub remains deeply skeptical of the long-term sustainability of Strategy’s model:
> “Yes, Strategy will eventually blow up the bomb.
Yes, Strategy is a Ponzi-like product.
Yes, Strategy will mainly generate profits for hedge funds.”
Yet even with this harsh critique, he draws a clear line between structural risk and false rumors.
Being critical does not require spreading misinformation.
My Take
In my view, Strategy is not a Ponzi scheme in the classical sense, but it is an extremely leveraged, asymmetric bet on Bitcoin becoming a long-term global reserve asset.
This strategy:
❌ is not safe for retail investors who don’t fully understand the mechanics,
❌ is not immune to macro or credit risk,
✅ is a sophisticated macro trade that hedge funds can exploit through volatility, convertibles, and arbitrage.
The real issue is not liquidation at a specific Bitcoin price.
The real risks lie in:
long-term refinancing conditions,
capital market access,
prolonged bear markets combined with tightening liquidity.
Claims that “Strategy gets liquidated below $76,000” are simply clickbait narratives, not serious analysis.
Could the bomb eventually explode?
Possibly.
But a short-term dip below $76,000 is not the trigger.
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