“‘Nobody has ever lost money investing in bitcoin for four years.’”
That was MicroStrategy MSTR, +3.88% CEO and bitcoin BTCUSD, -1.28% optimist Michael Saylor talking about the recent dip in bitcoin prices during a Wednesday morning 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.
Saylor was also asked if the recent dip in crypto prices, and bitcoin in particular, presented a buying opportunity for investors.
“Absolutely,” he responded.
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.
He later tweeted on Thursday that “bitcoin is an antidote to chaos” after recent major swings in the U.S. stock market.
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 was trading just above $21,000 as of Wednesday morning, nearly 70% lower from its all-time high in November 2021, according to CoinDesk data.
Crypto is not the only market experiencing major selloffs. This week, the Dow Jones Industrial Average DJIA, -0.13% and the S&P 500 Index SPX, +0.22% entered bear market territory. U.S. stocks saw a small uptick on Wednesday as the Fed approved its largest rate hike in almost three decades.