SummaryThe collapse of cryptocurrency has had wide and intense ramifications globally, with many crypto-based companies reporting bankruptcies and aggressive job cuts.MSTR experienced likewise with -$1.98B of total digital asset impairment reported thus far and Michael Saylor stepping down from his CEO role.However, with a sustained conviction in Bitcoin, we expect MSTR to continue underperforming through 2023 since the crypto winter is expected to last for two years.This speculatively points to more losses ahead. Investors beware.Investment ThesisMicroStrategy's (MSTR) Michael Saylor has long been the proponent of Bitcoin's massive potential, given the immense amount held on its balance sheet. However, as of FQ2'22, the company reported $1.98B of carrying value for 129.69K of Bitcoins, representing an immense decline of -50.2% and -$1.98B in losses from the original cost basis of $3.97B. Wild, since MSTR only generated $510.76M of revenues and $295.35M of adj. net incomes in FY2021, the best it had in the past five years.Unfortunately, Saylor's retirement from the CEO seat may not help MSTR's short-term recovery, since the company continues to be highly invested in the cryptocurrency, with the former "continuing to provide oversight of MSTR's bitcoin (BTC-USD) acquisition strategy as head of the board’s Investments Committee." Combined with its lackluster core business, it is likely that the MSTR stock will continue its sidew...
