Michael Saylor (마이클 세일러), chairman of Strategy, urged Bitcoin (BTC) investors to think of Apple in 2013. He pointed to Apple not as a company vying for the top market capitalisation spot today, but as it was when its stock plunged 45 percent from its peak and its price-to-earnings ratio fell below 10.

On Feb. 24 (local time), blockchain media outlet CoinDesk reported that Saylor is the founder of Strategy and heads the company with the largest Bitcoin holdings. Appearing on the Coin Stories podcast, he said, "There is no case of a successful technology investment that did not endure a 45 percent drop and pass through a 'valley of despair.'" He added, "We have held on for 137 days, but it could take 2 to 3 years, or even 7 years. If it is 7 years, it is the same situation as Apple."

Bitcoin has recently fallen about 45 percent from its all-time high of $125,000, showing a similar pattern to Apple’s correction phase in 2012 to 2013. The price plunged from $70,000 to $60,000 in a single day on Feb. 5, triggering $3.2 billion in realised losses on the network. That was recorded as the largest single-day loss in Bitcoin history, surpassing the period of the Terra-Luna crisis.

Saylor cited changes in market structure as the reason this cycle is quieter than in the past. As derivatives trading shifts from overseas unregulated markets to U.S. regulated markets, volatility has been compressed, he said, and past 80 percent crashes are appearing as corrections in the 40 to 50 percent range. He also pointed to traditional banks still not providing credit backed by Bitcoin as a factor that creates artificial selling pressure in the market.

He was also sceptical about the threat from quantum computing. He argued it was just another fear-driven narrative, like past debates over block size, energy use or China’s mining dominance, and not something that could bring down the network. Saylor said it would take more than 10 years for quantum computing to become a real threat, and by then global digital systems would shift to quantum-resistant cryptography.

He also brushed off the recent spread of some controversies into attacks on Bitcoin Core developers, saying, "It is just a process in which the form of FUD (fear, uncertainty and doubt) changes."

Saylor’s message is clear. He said the current 45 percent drop is not a collapse, but growing pains that a major technology asset must go through.