- Michael Saylor believes Bitcoin represents the kind of money that people simply cannot afford to lose.
- This comes as crypto traders lose $400M following Bitcoin’s crash to $56K.
- Saylor highlights Bitcoin’s long-term outperformance compared to traditional assets.
While crypto investors shoulder substantial losses over the past day amid the market retracement, renowned Bitcoin bull Michael Saylor took to X to reassure enthusiasts that Bitcoin remains the essential asset they cannot afford to overlook. In his words, “Bitcoin is for the money you can’t afford to lose.”
Saylor’s commentary comes amid Bitcoin’s price correction in the past few days, culminating in the asset revisiting the $56K range. At the press time value of $57,568, BTC is trading at one of its lowest points in the two months.
Following the asset’s substantial crash in the last few hours, at least 141K crypto traders who had placed bets on Bitcoin’s upward trajectory have been liquidated, resulting in losses exceeding $400 million. Nonetheless, Saylor, the chairman of MicroStrategy, remains confident that this downturn should be less concerning for Bitcoin investors.
The short video accompanying Saylor’s tweet illustrated Bitcoin’s performance over the past eight years compared to various traditional investments, including the S&P 500, Gold, U.S. real estate, U.S. dollar, Nigerian Naira, Turkish Lira, and Argentine Peso.
It depicted that while Bitcoin maintained an over 100% gain year-on-year since 2016, these other investments struggled to attain comparable returns.
For instance, in 2019, Gold and U.S. real estate saw significant gains of around 20%. However, these gains gradually diminished over the years to single-digit percentages. At the same time, currencies like the Turkish Lira and Argentine Peso experienced crashes, plummeting to as low as 0.001%.
These outcomes have solidified Saylor’s belief that Bitcoin represents the kind of money that people simply cannot afford to lose. Responding to Saylor’s sentiment, X user AfriBull remarked, “Bitcoin has become the ultimate hedge against fiat volatility globally.”
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