Michael Saylor Reflects on Losing Six Billion Dollars Shares Positive Outlook During Bitcoins 16K Drop
The CEO of software company MicroStrategy faced a staggering loss of $6 billion back in 2000. Looking back on this event, when questioned about the significant financial hit, Saylor admitted that it was a highly stressful and unpleasant experience. He acknowledged the impact it had on shareholders, employees, and their families, emphasizing that a public company’s stock crash affects more than just the executives.
During a discussion with The Iced Coffee Hour, Saylor highlighted that for individuals with substantial wealth, like a billion dollars, losing six billion may not drastically change their lifestyle. However, for small investors and employees, such a financial loss can be life-altering. Saylor found it most challenging to know that these individuals were negatively affected. He then transitioned to the topic of Bitcoin and offered advice on how to approach investing in it.
Saylor recommended that if one is not prepared to hold onto Bitcoin for at least ten years, they should not consider holding it even for ten minutes. He emphasized that investing in Bitcoin should not be done if the money may be needed within the next four years. While no one has experienced losses holding Bitcoin for more than four years, the best approach is to view it as a long-term investment spanning a decade. Saylor suggested that those lacking this long-term commitment should dedicate more time to research and contemplation until they are ready to commit to holding Bitcoin for ten years.
Expressing his confidence in Bitcoin, Saylor stated that he believes the odds are strongly in his favor. Reflecting on the past, he recalled that about 18 months ago, Bitcoin had a market cap of around $2.5 billion. Despite others panicking, he remained composed when Bitcoin’s value dropped from $66,000 to $16,000. When questioned about his plan of action, Saylor simply stated that he would wait for the price to rebound, convinced that the drop was an overreaction and that Bitcoin’s value would continue to rise.