Michael Saylor Not Bothered By $4 BILLION Drop in Value of MicroStrategy's Bitcoin
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Michael Saylor Not Bothered By $4 BILLION Drop in Value of MicroStrategy's Bitcoin

2 months ago

He described worrying about it as "foolish" — and said, if Jeff Bezos or Mark Zuckerberg had offloaded their stock and tried to time the market over the years, they would not be billionaires.

Michael Saylor Not Bothered By $4 BILLION Drop in Value of MicroStrategy's Bitcoin

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Michael Saylor has shrugged off Bitcoin's plunge from $68,800 to $29,000 — even though this has wiped $4 billion from the value of the BTC that MicroStrategy holds in reserve.

The CEO firmly believes that a single Bitcoin will be worth millions of dollars one day — meaning that, in the long term, the downturn over the past six months is a moot point.

But during CoinMarketCap's The Capital conference, he was asked whether he was daunted by the fact that MicroStrategy is now nursing an unrealized loss on its 130,000 BTC.

The business intelligence firm is currently $240 million in the red after spending $3.9 billion on its crypto stash. But back in November, its Bitcoin would have been worth $7.8 billion.

When asked whether this bothered him, his answer was simple: no.

"If you'd asked the same question to Jeff Bezos in 2003 and said, you know, like you just had an 80% loss in Amazon, do you ever wish you sold Amazon in the year 2001? You know, Jeff Bezos could have sold Amazon in the year 2000 and avoided a 95% loss."

He described such a mentality as "foolish" — and said, if Jeff Bezos or Mark Zuckerberg had offloaded their stock and tried to time the market over the years, they would not be billionaires.

"If you look at all the richest people in the world, they're not traders. I mean, Bill Gates, Jeff Bezos, Elon Musk, Mark Zuckerberg, Larry Page… name the person who traded their way to that situation. You can't really do it. Trying to time the market is ridiculous."
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