Michael Saylor Opens up About Losing Six Billion Dollars, Says He Stayed Positive When Bitcoin Dropped to $16K
The post Michael Saylor Opens up About Losing Six Billion Dollars, Says He Stayed Positive When Bitcoin Dropped to $16K appeared first on Coinpedia Fintech News
The CEO of software maker MicroStrategy lost a baffling $6 billion in 2000. Taking a trip down memory lane, when asked about losing six billion dollars in a single day, Saylor explained that the experience was highly stressful and unpleasant. He said the impact on shareholders, employees, and their families, noting that the crash of a public company’s stock affects many people beyond just the executives.
In a conversation with The Iced Coffee Hour, Saylor pointed out that for someone with substantial wealth, such as a billion dollars, losing a significant amount like six billion doesn’t drastically alter their lifestyle. However, the financial loss can be life-changing for small investors and employees. The most challenging aspect for Saylor was knowing that these individuals’ lives were negatively impacted. He then shifted to Bitcoin and advised investors on how to navigate it.
Saylor advised that if you’re not prepared to hold Bitcoin for ten years, you shouldn’t have it for even ten minutes. He stressed that it’s best not to invest in Bitcoin if you anticipate needing the money within the next four years. While no one has lost money holding Bitcoin for more than four years, the ideal mindset is to treat it as a ten-year investment. Saylor suggested that those without this long-term conviction should spend more time researching and thinking until they are ready to commit to holding Bitcoin for a decade.
Saylor expressed confidence in Bitcoin, stating that he feels the odds are strongly in his favor. Reflecting on the past, he noted that around 18 months ago, Bitcoin had a market cap of about $2.5 billion, and while others were panicking, he remained calm. When Bitcoin dropped from $66,000 to $16,000, people asked him what he planned to do. His response was to wait for the price to rise again, believing that the drop was an oversell and that Bitcoin’s value would continue to increase.
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