Bitcoin's plunge spells trouble for the dot-com era entrepreneur who went all in
— Balance, Cryptocurrency, Company, Saylor, Sheet, Entrepreneur, Era, Bitcoins, Microstrategys, Went, Trouble, Crypto, Plunge, Billion, Dotcom, Microstrategy, Spells, Bitcoin — 1 min read
Software entrepreneur Michael Saylor is no stranger to volatility in the financial markets. In 1999, Saylor's company MicroStrategy admitted to overstating its revenues and erroneously reporting a profit when it actually made a loss. Saylor first got into bitcoin in 2020, when he decided to start adding the cryptocurrency to the company's balance sheet as part of an unorthodox treasury management strategy. Bitcoin's price plunged 10% to $20,843 on Tuesday, extending a brutal sell-off and dragging it deeper into levels not seen since December 2020. It comes after crypto lending firm Celsius halted withdrawals on Monday, citing "extreme market conditions" Source