One of the biggest Bitcoin (CRYPTO: BTC) bulls is Michael Saylor, the CEO of MicroStrategy Incorporated (NASDAQ: MSTR). While Saylor has actively been buying Bitcoin thanks to his bullish thoughts, he has also encouraged people to invest what they can into the leading cryptocurrency, including a call a year ago to mortgage their houses.
What Happened: When Bitcoin was trading at over $57,000 on March 10, 2021, Saylor spoke out in an incredibly bullish fashion about how investors should get more exposure to the leading cryptocurrency.
“The only use of time is to buy more Bitcoin. Take all your money and buy more Bitcoin. Then take all your time to figure out what you can sell to buy more Bitcoin,” Saylor said.
Saylor even took it a step further with some interesting advice.
“Go mortgage your house and buy Bitcoin with it.”
Saylor called Bitcoin the hardest money on earth and said that people should use all their time to acquire the cryptocurrency.
Never forget Michael Saylor encouraging unsophisticated investors to liquidate every asset they own to buy Bitcoin on leverage.pic.twitter.com/Wvv3c2JpOZ— Nate Anderson (@ClarityToast) June 13, 2022
MicroStrategy began buying Bitcoin for around $12,000 in August 2020. The company now holds more than 129,000 Bitcoin. With the recent drop in the price of Bitcoin, MicroStrategy has a losing position in the cryptocurrency.
Saylor has brushed off the drop and said investors should look at four-year cycles and hold Bitcoin as long-term investments. Saylor also called the recent drop a buying opportunity saying, “Bitcoin is on sale.”
Interestingly enough, Saylor criticized Bitcoin in December 2013, saying the days were numbered for the cryptocurrency while comparing it to online gambling.
Related Link: How To Buy Bitcoin
Investing $1,000 in Bitcoin: Investors who took Saylor’s words to heart and bought Bitcoin with every penny they had and potentially mortgaged their houses would have enjoyed a short run-up to all-time highs of $68,789.63 in November 2021.
Those who have held since that time until today are likely less enthused.
A $1,000 investment in Bitcoin on March 10, 2021, could have bought 0.01746 BTC based on the high price of $57,258.25 on the day.
The $1,000 investment would be worth $374.98 today based on the current price of Bitcoin. This represents a decline of 62.5% in 15 months.
Photo: Elnur via Shutterstock
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