MicroStrategy sold 32 BTC A lot of people are saying: The faith is gone. But when I saw this news, I immediately thought of Grayscale, back in 2021. The faith in the market back then wasn’t MicroStrategy. It was Grayscale. At that time, many people believed: Grayscale would keep buying BTC forever. But then the bear market came, and everyone realized: Every institution has its own interests. No one will unconditionally step in to support BTC. Later, the market shifted its faith to MicroStrategy. But I’ve always felt that treating a company’s financing to buy BTC as a form of faith is inherently dangerous. Because at the end of the day, a company is a company. It has to consider shareholders, debt, cash flow, and the market environment. If BTC keeps going up forever, then sure, the story holds. But what if the market faces headwinds in the coming years? At that point, people might realize: What they believed in was never BTC itself, but someone who kept buying BTC. And history has already proven: One of the biggest risks in the market is turning anyone into a god.