One of the biggest Bitcoin BTC/USD bulls was once bearish on the leading cryptocurrency. Here’s what MicroStrategy Inc MSTR CEO Michael Saylor had to say previously.
What Happened: A resurfaced tweet from Michael Saylor shows that one of the biggest bulls and largest holders of Bitcoin was once bearish and pessimistic about the future of the coin.
On Dec. 18, 2013, Saylor said the days were numbered for Bitcoin, comparing it to online gambling.
Saylor was asked about the tweet in a September 2020 podcast with Anthony Pompliano.
“I literally forgot I ever said that,” Saylor told Pompliano.
Saylor went on to say he used to use Twitter to share opinions on relevant topics before later choosing to tweet less about opinions and more about MicroStrategy.
“I’m really ashamed to say — I didn’t know I tweeted it until the day that I tweeted that I bought $250 million worth of Bitcoin.”
MicroStrategy began buying Bitcoin in August 2020 at around $12,000 a coin. Saylor’s company has poured in extra cash to buy more Bitcoin, bringing the total to 129,918 Bitcoin.
Related Link: Back To McDonald's?: Michael Saylor Pokes Fun At Himself With Price Of Bitcoin Falling
Why It’s Important: Saylor has reversed course and is now among the biggest vocals bulls for the leading cryptocurrency.
With the price of Bitcoin dropping, Saylor didn’t flinch in an interview on CNBC Wednesday, saying the price of the coin is trading around its four-year simple moving average, providing a potential entry point.
“Those have always been great buying opportunities. Bitcoin is on sale,” Saylor said.
Saylor said for investors with a long-term outlook it could be an “ideal entry point.”
Saylor also clarified a recent strong talking point of MicroStrategy facing a margin call if Bitcoin drops below $21,000.
“If the market traded down by a factor of 10, we’ve got cash and we generate cash flow so the margin call thing is much ado about nothing.”
Saylor called the margin loan “well managed.”
Bitcoin traded at $691.96 on Dec. 18, 2013 when Saylor tweeted his bearish take. A $100 investment in Bitcoin at the time would be worth $3,111.17 today.
BTC Price Action: Bitcoin is trading down 0.77% to $21,793 Wednesday afternoon. The cryptocurrency has traded between $20,178.38 and $68,789.63 over the last 52 weeks.
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