“‘Nobody has ever lost money investing in bitcoin for four years.’”
That was MicroStrategy
MSTR,
CEO and bitcoin
BTCUSD,
optimist Michael Saylor talking about the recent dip in bitcoin prices during a June 15 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.
See also: California is sending ‘inflation relief’ checks up to $1,050 — here’s who qualifies
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.
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
COIN,
as their primary exchange are facing losses.
See also: Binance CEO says the worst of the crypto crash ‘is probably over’
Crypto is not the only market experiencing major selloffs. In June, the Dow Jones Industrial Average
DJIA,
and the S&P 500 Index
SPX,
entered bear market territory. Additionally, the Fed approved its largest rate hike in almost three decades.
