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Saylor has changed the measuring stick.
Strategy needs to adjust the KPI calculation for its BTC holdings—no longer using the old method.
In the past three years, he has bought at 126K and also at 58K, and he never changes his tune.
Now that BTC is at 64K, entering the eighth month of the bear market, he starts saying the previous way of measuring is wrong.
It’s not that BTC has a problem.
It’s that this is the first time he needs to use a different way to explain why he’s still holding.
When a person who never admits defeat starts changing the measuring stick,
you don’t need to look at his new metrics.
You just need to know that for the first time, he felt he needed new metrics.