MicroStrategy (MSTR) is facing significant challenges as its stock price has dropped over 60% due to a sharp decline in Bitcoin prices. The company, heavily invested in Bitcoin, risks being removed from the MSCI stock index. Analysts highlight a structural conflict between the traditional U.S. financial system and a Bitcoin-backed monetary framework, which is impacting MSTR's stability. Additionally, potential short-selling by institutions like JPMorgan and liquidity risks from convertible bonds are contributing to the company's precarious position.