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Crypto: Bitcoin price dip ‘absolutely’ a buying opportunity, Michael Saylor says

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“‘Nobody has ever lost money investing in bitcoin for four years.’”

That was MicroStrategy
MSTR,
-3.53%

CEO and bitcoin
BTCUSD,
-2.19%

optimist Michael Saylor talking about the recent dip in bitcoin prices during a June interview on CNBC’s Squawk on the Street.

Saylor attempted to calm fears of slumping crypto prices by saying that any four-year time horizon in bitcoin’s history has yielded positive returns for investors. Bitcoin’s network went live in 2009.

See also: Elon Musk tells Trump to ‘hang up his hat and sail into the sunset’

Saylor was also asked if the recent dip in crypto prices, and bitcoin in particular, presented a buying opportunity for investors.

“Absolutely,” he responded.

See also: California is sending ‘inflation relief’ checks up to $1,050 — here’s who qualifies

Saylor has been a promoter of bitcoin for years, and just a few hours before his interview with CNBC, he tweeted “1 BTC = 1BTC,” a likely reference to not paying too much attention to short-term price movements.

The day after his interview, he tweeted that “bitcoin is an antidote to chaos” after recent major swings in the U.S. stock market.

See also: Why is crypto crashing? Mark Cuban says ‘crypto is going through the lull that the internet went through’

A potential margin call could be looming for Saylor and MicroStrategy, which could lead the company to selling some of its more than 130,000 bitcoin, according to a report from MarketWatch’s Steve Goldstein.

The quotes come during a tumultuous time for bitcoin investors. Bitcoin has frequently dipped under $20,000 in recent months, nearly 70% lower from its all-time high in November 2021, according to CoinDesk data. 

According to analysts at Mizuho, roughly half of bitcoin holders using Coinbase
COIN,
+1.82%

as their primary exchange are facing losses.

See also: Binance CEO says the worst of the crypto crash ‘is probably over’

Crypto is not the only market experiencing major selloffs. In June, the Dow Jones Industrial Average
DJIA,
+0.29%

and the S&P 500 Index
SPX,
+0.04%

entered bear market territory. Additionally, the Fed approved its largest rate hike in almost three decades.

: ‘They’ve owned these pets for years’: People are giving up family dogs they adopted long before the pandemic, mostly due to inflation, shelters say

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