Strategy’s Bitcoin Guide Puts a 93% Crash Back on the Table

Strategy has published a guide with an uncomfortable message for investors: Bitcoin has already fallen 93.1% from peak to trough, and another brutal drawdown is not something the market gets to rule out.Executive Chairman Michael Saylor shared the guide over the weekend. Instead of reading like a glossy pitch for the asset, much of the document is devoted to the less glamorous parts of owning Bitcoin: losses, custody mistakes, leverage, fees and the risk of being forced out of a position at exac