Head of MicroStrategy remains bullish on Bitcoin, despite suffering huge losses on its BTC investment
In a recent CNCB interview, MicroStrategy chief Michael Saylor answered a question about the current situation of his company and the huge investment in BTC it has made since August 2020.
Saylor stated that since that time, Bitcoin has done 10x better than any other asset, mentioning S&P 500, gold and Nasdaq 100 index.
Michael Saylor gave some hard numbers – gold is down 10% since August 2020, Nasdaq is flat, and Bitcoin is up 86% since then.
He is confident that Bitcoin is the best-performing asset over any time period – 2 years, 4 years, 8 years, etc, and he simply “cannot come up with a better idea” than to choose it for MicroStrategy’s investment.
Avoiding a direct answer to the question if he plans to buy more BTC for the company now, Saylor said that for a month-long investment, Bitcoin may seem like a risky volatile asset, but for an investor with a time frame ten years, it’s a store of risk-free assets.
“Nobody has ever lost money investing in Bitcoin for four years,” he claimed, suggesting that this time-frame is a minimal one for buying BTC. He has also stated that for Bitcoin the $21,685 level is a simple moving average for a period of four years. BTC has only touched this level for a few times in history, and it has done it now.
Saylor therefore called this price level a “great buying opportunity” and “ideal entry point”.
Prominent Bitcoin hater and a gold bug Peter Schiff has criticized Saylor in a recent tweet for pumping Bitcoin on CNBC again and slamming gold.
