#BTC86kJPShock
Bitcoin faithful prepare for a tough winter
Bitcoin has plummeted from its peak of over $126,000. The inertia is hard to maintain if the animal instincts of cryptocurrencies have proven to be extinguished for good.
Bitcoin supporters resist the idea that the digital token is little more than a trendy trinket. If only they were that lucky.
Symbolist paintings and Fabergé eggs are reaching record prices, despite their remarkable lack of utility. Meanwhile, bitcoin has collapsed. Its followers are now closing ranks.
Michael Saylor is one of those preparing for things to get worse before they get better. The president of Strategy (formerly MicroStrategy) pioneered the "bitcoin treasury," whose main goal is to hold onto the token and acquire more. This strategy is not working very well at the moment.
The company has dropped more than 30% in the last month, performing worse than its underlying bitcoin. On Monday, Saylor announced that Strategy had reserved $1.4 billion (€1.2 billion) to hold not bitcoins, but US dollars, as a "reserve" to cover dividend payments and coupons on its various capital instruments.
