“‘Nobody has ever lost money investing in bitcoin for four years.’”
That was MicroStrategy
CEO and bitcoin
optimist Michael Saylor talking about the recent dip in bitcoin prices during a June interview on CNBC’s Squawk on the Street.
Saylor attempted to calm fears of slumping crypto prices by saying that any four-year time horizon in bitcoin’s history has yielded positive returns for investors. Bitcoin’s network went live in 2009.
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Saylor was also asked if the recent dip in crypto prices, and bitcoin in particular, presented a buying opportunity for investors.
“Absolutely,” he responded.
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Saylor has been a promoter of bitcoin for years, and just a few hours before his interview with CNBC, he tweeted “1 BTC = 1BTC,” a likely reference to not paying too much attention to short-term price movements.
The day after his interview, he tweeted that “bitcoin is an antidote to chaos” after recent major swings in the U.S. stock market.
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A potential margin call could be looming for Saylor and MicroStrategy, which could lead the company to selling some of its more than 130,000 bitcoin, according to a report from MarketWatch’s Steve Goldstein.
The quotes come during a tumultuous time for bitcoin investors. Bitcoin has frequently dipped under $20,000 in recent months, nearly 70% lower from its all-time high in November 2021, according to CoinDesk data.
According to analysts at Mizuho, roughly half of bitcoin holders using Coinbase
as their primary exchange are facing losses.
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Crypto is not the only market experiencing major selloffs. In June, the Dow Jones Industrial Average
and the S&P 500 Index
entered bear market territory. Additionally, the Fed approved its largest rate hike in almost three decades.