**[Bitcoin Falls Below Psychological Threshold: A High-Risk Bet Pushed to the Spotlight]** Bitcoin's latest plunge is putting new pressure on the world's largest enterprise-level crypto asset reserve vehicle. Bitcoin's price has fallen below the average purchase cost of leveraged Bitcoin proxy Strategy Inc., led by Michael Saylor, for the first time in 2023. This milestone event sends a signal: the once-celebrated model of continuously accumulating Bitcoin through stock issuance is increasingly clashing with a market that is growing more skeptical. The company's current cost price of $76,052 has long been regarded as a psychological bottom line. As Bitcoin fell below $76,000 on Saturday and continued to decline during Monday's Asian trading session, this threshold was finally breached. This breakdown highlights a deeper truth: with Strategy's stock price plummeting about 70% from its peak, equity premiums disappearing, and capital markets tightening, Saylor's model is facing comprehensive pressure. Although Strategy still holds over 713,000 tokens, the reserve's value has significantly shrunk as Bitcoin's macro narrative dims. Once touted as a hedge against inflation and fiat currency depreciation, Bitcoin has recently failed to respond to familiar catalysts such as geopolitical shocks, a weakening dollar, and favorable regulatory developments. Instead, market attention and capital are shifting toward more volatile speculative trades, ranging from AI stocks to the dramatic fluctuations in gold and silver. (Cailian Press)