Michael Saylor: Bitcoin's 40%-50% pullback is "relatively mild," similar to Apple's past downturns.

Michael Saylor, founder of Bitcoin investment firm Strategy, recently stated in an interview that almost all successful tech investments must experience a 45% drawdown and "cross the valley of despair." He likened the current market downturn to Apple's situation in 2013, when Apple's stock price fell 45% from its peak and took seven years to fully recover its valuation. This current Bitcoin pullback has lasted 137 days and could continue for two to three years, or even seven years. "If it lasts seven years, then congratulations, you're like Apple," he said. However, this cycle's volatility is relatively mild, related to changes in market structure. Derivatives trading is migrating from offshore platforms to regulated US markets, compressing two-way volatility and reducing the potential 80% drawdown to a 40%–50% range. (CoinDesk)