Some of the biggest and brashest figures in crypto have faced staggering losses in this current downmarket. Multiple crypto companies have filed for bankruptcy, and more than one high-flying crypto CEO has found themselves out of a job. 

Case in point: Michael Saylor, the co-founder and former CEO of a software services firm called MicroStrategy. But software isn’t what made the company a household name among Bitcoin believers. Saylor’s decision to use the company’s balance sheet to bet big on Bitcoin back in 2020 is really what catapulted Microstrategy into the headlines. For a while, as Bitcoin prices rallied, that $250 million dollar bet looked like a genius move. But as prices fell, MicroStrategy found itself facing significant losses. What does this loss mean for the future of MicroStrategy, and for Michael Saylor? 

For more, Bloomberg senior editor Dave Liedtka and  Bloomberg accounting specialist Tom Contiliano join this episode to discuss what happened at MicroStrategy.

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