Microstrategy loses $1B amid bitcoin’s steep decline

• MicroStrategy has poured $3.97 billion into the cryptocurrency

MicroStrategy Inc. has lost nearly $1 billion after founder and CEO Michael Saylor’s bet on bitcoin hit a stump as the largest cryptocurrency continues to tumble down.

In a tweet, on Tuesday, Saylor said MicroStrategy “anticipated volatility and structured its balance sheet so that it could continue to #HODL through adversity.” HODL is a slang term in crypto aimed at discouraging investors from selling.

Bitcoin briefly plunged below $21,000 in Asia, on Tuesday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.