MicroStrategy CEO Michael Saylor says he's unfazed by bitcoin's massive sell-off and compares crypto in 2022 to the early days of oil: 'We are witnessing the birth of a new industry'
Microstrategy CEO Michael Saylor is undeterred by Bitcoin's massive sell-off this year.
“We are in here for the long term. Bitcoin will outlive us all,” the crypto bull told CNN.
Saylor also compared the crypto crash to early failures in the oil and auto industries more than 100 years ago.
MicroStrategy CEO Michael Saylor continues to believe in Bitcoin, likening the recent crypto crash to the early days of the oil and auto industries.
Bitcoin has fallen more than 70% from its all-time high of $69,000 last fall, resulting in over $1 billion in paper losses for MicroStrategy, which holds about 129,000 bitcoin. But the enterprise software company won't sell.
“We are in here for the long term. Bitcoin will outlive us all,” he said in an interview on CNN, later adding that “we are witnessing the birth of a new industry.”
He said thousands of oil and auto companies were started more than 100 years ago, but most of them failed.
"A lot of them went broke - 99% - but the rest is history. We have cars, the oil business is huge business, it changed the future of the world.”
Saylor has been a vocal supporter of Bitcoin and has pushed MicroStrategy to become one of the largest public holders of the asset. Earlier this year, the company borrowed over $200 million from a crypto lending bank to add more tokens to its stash, bringing its total Bitcoin holdings to $6 billion at the time.
But as Bitcoin-related losses piled up, MicroStrategy's stock price is down nearly 70% since the start of this year and nearly 16% over the past month, falling to $170.93 on Wednesday.
"We're in here for the long haul," Saylor told CNN. "It's incorruptible, indestructible, programmable, it lasts forever."
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