The big question this cycle is whether to worry about MicroStrategy blowing up. 1. They hold 10% of Bitcoin, with an average cost of $75,000 per BTC. 2. They need to maintain over $2 billion in cash reserves to pay monthly and quarterly preferred stock dividends, estimated at $2 billion annually. 3. Their debt is close to $10 billion. If Bitcoin drops below $30K to $40K, their risk increases tenfold. They've already authorized using over $2 billion in annual dividends entirely funded by selling Bitcoin.