Bitcoin

Now It’s “Ideal Entry Point” for Bitcoin: Michael Saylor

06/16/2022
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Yuri Molchan

Head of MicroStrategy remains bullish on Bitcoin, despite suffering huge losses on its BTC investment

In a recent interview to CNCB, MicroStrategy chief Michael Saylor answered a question about the current situation with his company and the huge investment in BTC it has made since August 2020.

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Saylor stated that since that time, Bitcoin has done 10x better than any other asset, mentioning S&P 500, gold and Nasdaq 100 index.

Michael Saylor gave some specific figures – gold is down ten percent, since August 2020, Nasdaq is flat, and Bitcoin is up 86 percent since that time.

He is confident that Bitcoin is the best-performing asset over any time period – 2 years, 4 years, 8 years, etc, and he simply “cannot come up with a better idea” than to choose it for MicroStrategy’s investment.

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Avoiding a direct answer to the question if he considers buying more BTC for the company now, Saylor stated that for a one-month investment, Bitcoin may seem a risky volatile asset, but for an investor with a time-frame of ten years it is a risk-off store of value asset.

“Nobody has ever lost money investing in Bitcoin for four years,” he claimed, suggesting that this time-frame is a minimal one for buying BTC. He has also stated that for Bitcoin the $21,685 level is a simple moving average for a period of four years. BTC has only touched this level for a few times in history, and it has done it now.

So Saylor has called this price level “a great buying opportunity” and “an ideal entry point”.

Prominent Bitcoin hater and a gold bug Peter Schiff has criticized Saylor in a recent tweet for pumping Bitcoin on CNBC again and slamming gold.

Source: https://u.today/now-its-ideal-entry-point-for-bitcoin-michael-saylor