Bear market for the first time? Tips from Bitcoin Bull Michael Saylor

Homeowners don't check the price of their house when they're drunk at a party, so why check the price of Bitcoin from this way, Michael Saylor joked.

Interview

First bear market? This is also the first Bitcoin (BTC) bear market for Michael Saylor, one of the biggest Bitcoin bulls in the world.

Executive Chairman of one of the largest pro-Bitcoin companies in the world, Saylor took time out of his busy schedule at the Los Angeles Pacific Bitcoin Conference to speak with Cointelegraph. Basically, Saylor told Cointelegraph that when it comes to Bitcoin, "you have to take a long-term perspective."

"If you're buying [Bitcoin] and you're less than four years old, you're just speculating. And once you have a time horizon of more than four years, the obvious thing is your average cost in dollars."

Averaging is a way to reduce an investment's exposure to volatility. Saylor continued, "You buy the asset that you want to hold for a decade or more, which is the long-term store of value."

At 130,000 BTC, MicroStrategy holds 0.62% of the total Bitcoin supply, as the total Bitcoin mined is capped at 21 million. MicroStrategy's entry price is around $30,639 per BTC, which means that the technology group's total investment is considerably underwater - if it were selling for money.

Saylor (right) with Cointelegraph reporter Joe Hall.

However, Saylor is baffled by the loss - on paper - of billions of dollars, saying, "Don't get caught and don't look at the price day after day, week after week."

Michael Saylor on stage at Pacific Bitcoin with Swan CEO Cory Klippsten (right). Source: YouTube

The billionaire compares the valuation of Bitcoin to the valuation of a house. He joked that "if you bug...