In a recent interview, Michael J. Saylor, Co-Founder, Chairman, and CEO of Nasdaq-listed business intelligence company MicroStrategy Inc. (NASDAQ: MSTR), shared his latest thoughts on Bitcoin and more specifically its price action.
On 11 August 2020, MicroStrategy announced via a press release that it had “purchased 21,454 bitcoins at an aggregate purchase price of $250 million” to use as a “primary treasury reserve asset.”
Saylor said at the time:
“Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively.“
Since then MicroStrategy has continued to accumulate Bitcoin and its CEO has become one of Bitcoin’s most vocal advocates. MicroStrategy currently owns 124,391 bitcoins, which is worth approximately $4.85 billion at current market prices.
Saylor’s latest comments were made during an interview on Thursday (January 20) with Emily Chang, the host of Bloomberg Studio 1.0.
When asked by Chang if he was feeling the cold of crypto winter, Saylor replied:
“Look, if you’re going to invest in Bitcoin, a short time horizon is four years. A mid-time horizon is 10 years. The right time horizon is forever. You know, Warren Buffett said if you wouldn’t hold it for 10 years, you shouldn’t hold it for 10 minutes.
“So if you look at the course of four years, no one’s ever lost money over four years holding Bitcoin. And if you look at our experience, we started buying it at $10,000 and now, it’s up by a factor of four. So, given the right time horizon, you’re fine.
“So it’s a blessing and a curse. The blessing is it makes it the most exciting, interesting thing in the financial universe everywhere in the world. And the curse is it can induce anxiety for people that have a short attention span or are focused on a narrow time horizon.“
In the same interview, Saylor confirmed that his company had no intention of selling its Bitcoin holdings despite the current bear market that has seen the price of Bitcoin fall 42.6% from its November 2021 all-time high (of around $68,000):
“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin, right? That’s our strategy.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.