The cryptocurrency market recently experienced a significant downturn, witnessing an estimated $20 billion in liquidations within a mere 36 hours. This market correction led to substantial price drops across various digital assets. SUI, for instance, saw an 80% collapse, while XRP plummeted 53% from its recent peak. Solana also faced a notable disruption, with its price on Binance futures printing $141 while spot markets still traded around $168, illustrating the severe impact of cascading sales on order books.

Amidst this market turmoil, Michael Saylor, a prominent American businessman and one of the world's largest Bitcoin holders, maintained a steadfast resolve. Contrary to what some might expect, he did not mark the occasion with another Bitcoin purchase for his strategy last week. Instead, Saylor took to social media, sharing a screenshot accompanied by the encouraging four words: "Don’t Stop ₿elievin’."

Saylor's firm, MicroStrategy, holds a substantial Bitcoin stack of 640,031 BTC. At an average entry price of $73,983, this holding was valued at approximately $71.71 billion. Even after the market dip, Saylor and MicroStrategy boasted an impressive unrealized profit of nearly 51.44%, or $24.35 billion.

However, the recent market movements did impact the paper value of these holdings. When Bitcoin had traded near $122,000 earlier in the month, Saylor’s stack was valued at around $78.1 billion. With current prices hovering near $112,000, the firm’s Bitcoin book experienced a paper loss of approximately $6.4 billion in just a few days. It is crucial to note that this represents an unrealized loss, a brutal cut from the top valuation, rather than a realized one.

On the stock market side, MicroStrategy (MSTR) trades with a basic market cap of $87 billion, which rises to $97 billion on dilution, and an enterprise value of $101 billion. Significantly, more than 66% of MicroStrategy’s value is directly attributable to its Bitcoin holdings. Despite the $20 billion market bleed and the $6.4 billion paper loss on his own holdings, Saylor’s stance remains clear: he still sits $24 billion ahead and continues to advocate for unwavering belief in Bitcoin.