Breaking Stories

Crypto: Bitcoin price dip ‘absolutely’ a buying opportunity, Michael Saylor says


“‘Nobody has ever lost money investing in bitcoin for four years.’”

That was MicroStrategy

CEO and bitcoin

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.

See also: Why is crypto crashing? Mark Cuban says ‘crypto is going through the lull that the internet went through’

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: Here’s how much money you would’ve lost if you bought crypto during Matt Damon’s ‘Fortune Favors the Brave’ commercial

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

as their primary exchange are facing losses.

See: Fed sees inflation topping 5% in 2022 and then falling rapidly due to higher rates

Crypto is not the only market experiencing major selloffs. This week, the Dow Jones Industrial Average

and the S&P 500 Index

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.

Outside the Box: The Fed’s new outlook shows that it’s still in a fantasy land

Previous article

Washington Watch: Biden sued by climate groups using novel legal argument to stop oil and gas drilling

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *