🚨 SAYLOR'S STRATEGY IS ABOUT TO GET LIQUIDATED Not because Bitcoin failed. Because the STRUCTURE DID. This isn’t a BTC call. It’s a BALANCE SHEET PROBLEM. Saylor didn’t just buy Bitcoin. He built a LEVERAGED, DEBT-DEPENDENT, RATE-SENSITIVE MODEL. That model only works when: > liquidity is easy > refinancing is open > rates cooperate None of that is true anymore. Markets don’t liquidate beliefs. They liquidate STRUCTURES. The risk is not price. The risk is: > DEBT LINKAGE > REFINANCING WINDOWS > CREDIT CONDITIONS > SHARED LIQUIDITY SHOCKS Historically, these setups look unbreakable: > they survive volatility...