The Highs and Lows of Being a Bitcoin Maximalist

Some of the biggest and hottest figures in crypto suffered staggering losses as the markets crashed. Several crypto companies have filed for bankruptcy and more than one high-flying crypto CEO has been left jobless.

Example: Michael Saylor, the co-founder and former CEO of a software services company called MicroStrategy. Saylor’s decision to use the company’s balance sheet to bet big on Bitcoin in 2020 catapulted Microstrategy into the headlines. For a while, as bitcoin prices rose, it $250 million bet looked like a stroke of genius. But as prices fell, the company found itself facing significant losses.