Speaking live on Fox Business, MicroStrategy Executive Chairman Michael Saylor confirmed on Tuesday that the digital asset market has entered a “crypto winter.”
This will be the fifth major drawdown for Bitcoin since Saylor entered the space five years ago.
“Milder” and “shorter”
When asked if the market was in the early stages of an extended bear cycle, Saylor was direct.
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“We are in a crypto winter,” Saylor admitted. “This is the fifth major drawdown of Bitcoin in the five years since I’ve been in the marketplace.”
However, he emphasized that this downturn differs significantly from previous cycles, predicting a rapid recovery due to institutional and political support.
“This is a much milder winter than previous winters. It’ll be shorter than previous winters. It’s going to be followed by a spring and then a glorious summer. So don’t fear,” he said.
Pro-Bitcoin White House
Saylor attributed his confidence to a fundamentally different macro environment compared to four years ago.
He cited the embrace of digital assets by the banking sector and the current U.S. administration as key stabilizers.
“We’ve got the support of the administration…We’ve got 12 cabinet members that are pro-digital assets and pro-innovation,” Saylor explained.
Defending the Strategy
Fox Business pressed Saylor on MicroStrategy’s financials, noting that the company’s average Bitcoin acquisition cost of approximately $76,000 is now “materially above current market levels.”
Source: https://u.today/saylor-we-are-in-crypto-winter
