“‘Nobody has ever lost money investing in bitcoin for four years.’”
That was MicroStrategy MSTR, +9.33% CEO and bitcoin BTCUSD, -3.06% bull Michael Saylor talking about the recent fall in bitcoin prices during a Wednesday morning interview on CNBC’s Squawk on the Street.
Saylor attempted to calm fears of slumping 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.
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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.
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.
According to analysts at Mizuho, roughly half of bitcoin holders using Coinbase COIN, +6.90% as their primary exchange are facing losses.
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Crypto is not the only market experiencing major selloffs. This week, the Dow Jones Industrial Average DJIA, +0.67% and the S&P 500 Index SPX, +1.16% entered bear market territory. U.S. stocks saw a small uptick on Wednesday as the Fed weighs the biggest interest rate increase since 1994.