Patrick Shyu said on X that he exited Bitcoin after steep losses, blaming a roughly 50% price drop from last October and saying excessive leverage amplified the damage.
Patrick Shyu said on X that he sold all of his Bitcoin after suffering very large financial losses, saying excessive leverage turned a small mistake into a painful outcome. He described Bitcoin as falling from $120,000 last October to just above $60,000 this summer, a roughly 50% drop. The comments add a more specific explanation for his exit after he had previously pointed to weaker liquidity, potential supply pressure from Mt. Gox creditor distributions and MicroStrategy's large holdings, as well as longer-term concerns including quantum computing risks and Bitcoin network security. Even so, he has said he remains optimistic about the underlying technology over the long term.