Michael Saylor Shares Experience of Losing Six Billion Dollars Remains Optimistic During Bitcoins Drop to 16K
Back in 2000, the CEO of software company MicroStrategy faced a staggering loss of $6 billion, a memory that still haunts him today. Reflecting on that tumultuous time, Saylor admitted that the experience was incredibly stressful and unpleasant. He acknowledged the far-reaching impact of such a financial blow, affecting not only shareholders but also employees and their families, emphasizing that the repercussions of a public company’s stock crash extend far beyond just the top brass.
In a recent interview with The Iced Coffee Hour, Saylor highlighted the stark contrast between losing billions for someone with vast wealth versus small investors and employees. While a billionaire may not see a drastic change in their lifestyle after losing billions, for others, it could be life-altering. The real challenge for Saylor was witnessing the negative impact on these individuals’ lives. He then pivoted to discussing Bitcoin and offered advice on how to approach investing in it.
Saylor cautioned that if you’re not willing to hold onto Bitcoin for at least a decade, then you shouldn’t have it for even ten minutes. He emphasized the importance of a long-term perspective, suggesting that those who might need their investment back within the next four years should steer clear of Bitcoin. While holding onto Bitcoin for more than four years has historically been profitable, Saylor stressed the importance of committing to a ten-year investment horizon. He advised those lacking this conviction to spend more time researching and contemplating until they are ready to make a long-term commitment to Bitcoin.
Expressing unwavering confidence in Bitcoin, Saylor declared that he believes the odds are heavily in his favor. Recalling a time when Bitcoin’s market cap was around $2.5 billion, he remained calm amidst the panic, even when the price plummeted from $66,000 to $16,000. When questioned about his plans, Saylor confidently stated that he would wait for the price to rebound, viewing the drop as an overreaction and believing in Bitcoin’s long-term value.
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