According to @milesdeutscher, even a 70% BTC drawdown would not force MicroStrategy (MSTR) or Michael Saylor to sell because there is no margin call on their debt and the average loan maturity is 4.8 years (source: @milesdeutscher). The source adds that the main tail risk is BTC staying low for years while capital markets stop funding the company (source: @milesdeutscher). The source further notes MicroStrategy could mitigate by selling small portions of BTC and pushing payments back if needed (source: @milesdeutscher). For BTC and MSTR traders, this indicates lower near-term forced-selling pressure from MicroStrategy during sharp drawdowns, per the source (source: @milesdeutscher).