The price of bitcoin has fallen more than 70% from its all-time high of nearly $69,000 in November, causing MicroStrategy, which holds nearly 130,000 bitcoins, to lose more than $1 billion on paper. But Thaler insisted that any bitcoin holdings would not be sold.
“We’re here for the long term. Bitcoin will outlive all of us,” Thaler said in an interview Wednesday.
He then added, “We are witnessing the birth of a new industry.”
More than 100 years ago, thousands of oil and auto companies were established, but most failed, he said.
“A lot of companies went bankrupt — 99 percent — but the rest is history. We have cars, the oil industry is a huge industry, and it’s changing the future of the world.”
Thaler has been a staunch supporter of Bitcoin, propelling MicroStrategy to become one of the largest public holders of Bitcoin. Earlier this year, the company borrowed more than $200 million from a crypto lending bank to buy more bitcoin, bringing its then-valued bitcoin holdings to $6 billion.
But as its bitcoin-related losses piled up, MicroStrategy’s shares have fallen nearly 70% since the start of the year and nearly 16% over the past month to $170.93 on Wednesday.
Still, Thaler said: “We’re here for the long term. It’s incorruptible, indestructible, programmable, and it’s here to stay forever.”