If You Invested $1,000 In Bitcoin When Michael Saylor Said To Mortgage Your House, Here’s How Much You’d Have Today
By Benzinga
Among the biggest Bitcoin (CRYPTO: BTC) bulls worldwide is Michael Saylor, the co-founder and executive chairman of software company MicroStrategy Incorporated (NASDAQ:MSTR). Saylor’s belief in the future value of Bitcoin has led to MicroStrategy being one of the largest holders of Bitcoin.
Saylor has encouraged people to look at cryptocurrency over the years and on one occasion included a call to mortgage your house and buy Bitcoin.
What Happened: Bitcoin had an eventful year in 2021, hitting all-time highs in November of that year hitting more than $68,000. When Bitcoin was trading at over $57,000 in March 2021, Saylor spoke out in 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 the 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.
MicroStrategy began buying Bitcoin for around $12,000 in August 2020. In December, the company announced it had purchased 14,620 additional Bitcoin, bringing its total holdings to 189,150 BTC. The company has an average purchase price of $31,168 for its Bitcoin holdings.
In a previous interview with Benzinga, Saylor said investors want to focus on scarce, desirable, high-quality property that other investors will want to buy down the road, which is why MicroStrategy is buying Bitcoin.
“We have a simple strategy and our strategy is we just acquire Bitcoin, and we hold the Bitcoin.”
Saylor said Bitcoin is the best asset in the world.
“So, if you gave me $1 million and said what do you want to buy, I don’t want to buy a sports team, I don’t want to buy a building, I don’t want to buy a company … all I want to buy is Bitcoin.”
Related Link: EXCLUSIVE: Michael Saylor’s MicroStrategy Is Married To Bitcoin: ‘Everything Else In The World Is Inferior’
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 $810.73 today based on a $46,433.47 price for Bitcoin at the time of writing. This represents a decline of 18.9% over the last nearly three years.
Optimism around Bitcoin after the approval of spot Bitcoin ETFs could lead to a higher price for the leading cryptocurrency and get investors closer to the original purchase price at the time of the famous Saylor quote.
Saylor has also said that it’s important to look long-term on an investment like Bitcoin.
“If you try to time the market, you are going to be very frustrated,” Saylor told Benzinga. “But if you look out over four years or six years or eight years, then simply acquiring high-quality property with free-cash flow is generally a really good investment strategy.
Saylor said investors have to be able to last through “four-year cycles.”
