Michael Saylor: Bitcoin is experiencing a "valley of despair" similar to Apple's in 2013.

PANews reported on February 24th, citing CoinDesk, that Strategy founder Michael Saylor, in a podcast interview, compared Bitcoin's current 45% pullback to Apple's 2013 decline. At that time, Apple's stock price fell 45% from its peak, its price-to-earnings ratio dropped below 10, and the market lost confidence in its future. However, it ultimately took seven years, with the support of Carl Icahn and Warren Buffett, to fully recover its valuation. Saylor believes that any successful technology investment must experience a 45% pullback and a "valley of despair." Bitcoin's pullback has currently lasted 137 days, but it could continue for two, three, or even seven years.

Saylor attributes the reduced volatility in this cycle to structural changes: the shift of derivatives activity from offshore platforms to the regulated US market has suppressed two-way volatility, compressing what could have been an 80% drawdown to 40-50%. Traditional banks continue to refuse to provide meaningful credit with Bitcoin holdings, forcing some investors into shadow banking or re-collateralized structures, potentially creating artificial selling pressure during periods of market stress. Regarding the threat of quantum computing, Saylor believes this is not a short-term risk, and a real threat is at least a decade away. By then, government, financial, consumer, and defense systems will have transitioned to post-quantum cryptography, and Bitcoin software will be upgraded through global consensus.