The ghost of the iPhone: Why Michael Saylor thinks bitcoin is mirroring Apple’s legendary ‘valley of despair’

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email The ghost of the iPhone: Why Michael Saylor thinks bitcoin is mirroring Apple’s legendary ‘valley of despair’ Michael Saylor compared bitcoin’s 45% drawdown to Apple’s 2013 slump, arguing that enduring deep corrections is part of every successful technology investment. By Shaurya Malwa , James Van Straten | Edited by Jamie Crawley Feb 24, 2026, 12:04 p.m. Make us preferred on Google What to know : Michael Saylor compared bitcoin’s 45% drawdown to Apple’s 2013 slump, arguing that enduring deep corrections is part of every successful technology investment. Saylor said structural shifts in derivatives markets and limited bank credit are reshaping this cycle and compressing volatility. Saylor dismissed quantum computing and renewed Epstein related scrutiny of developers as recurring fear narratives Michael Saylor wants bitcoin holders to think about Apple (AAPL). Not Apple today, but Apple in 2013, when the stock had fallen 45% from its peak and was trading at a price-to-earnings ratio below 10, priced like a tired cash cow with no future. The iPhone was already indispensable to more than a billion people, yet the market remained unconvinced. It took seven years, along with the backing of Carl Icahn and Warren Buffett, before Apple fully recovered its prior valuation. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . This is the comparison favored by Michael Saylor, founder of Strategy (MSTR), by far the largest public holder of bitcoin BTC $ 63,304.16 . “There really is no example of a successful technology investment where you did not have to weather the 45% drawdown and go through that valley of despair,” Saylor said on Natalie Brunell’s Coin Stories podcast . “Ours is currently taking 137 days so far. But it might take two years, it might take three years. If it took seven years, congratulations. It’s just like Apple." Bitcoin BTC $ 63,304.16 has dropped roughly 45% from its all time high near $125,000, mirroring the scale of Apple’s 2012 to 2013 decline. The downturn has already left scars. On Feb. 5 alone, when bitcoin fell from $70,000 to $60,000 in a single session, the network recorded $3.2 billion in entity adjusted realized losses, according to Glassnode. That surpassed the Terra Luna collapse as the largest single day loss event in bitcoin’s history. Saylor attributed the more muted cycle in part to structural changes. The migration of derivatives activity from offshore venues to regulated U.S. markets, he said, is dampening volatility in both directions, compressing what might once have been an 80% drawdown into a 40% to 50% decline. Traditional banks still refuse to extend meaningful credit against bitcoin holdings. That forces some investors into shadow banking or rehypothecation structures, which can create artificial selling pressure during periods of stress. From quantum FUD to Epstein FUD Saylor was similarly dismissive when asked about the risks posed by quantum computing , describing it as the latest in a long line of existential narratives, from block size wars to energy consumption to Chinese mining dominance, that generate attention but ultimately fail to derail the network. He argued that quantum computing is not a near-term threat and is more than a decade away from posing a practical risk in all likelihood. By the time it becomes relevant, he expects government, financial, consumer, and defense systems to have transitioned to post quantum cryptography. Bitcoin’s software will evolve as well, he noted, with nodes, exchanges, and hardware providers upgrading through broad global consensus if necessary. Any credible quantum breakthrough, he said, would require coordinated upgrades across every digital system worldwide, not just bitcoin. In that context, he framed both the quantum narrative and renewed attention around the Jeffrey Epstein files, which have been used by critics to target certain Bitcoin Core developers, as shifting forms of fear, uncertainty, and doubt (FUD). "It's a non-issue," Saylor said. "I guess they were getting tired of the quantum FUD and they moved on to the Epstein FUD." Michael Saylor MicroStrategy Bitcoin News More For You Over 400,000 BTC bought between $60k and $70k during bitcoin’s latest downturn By James Van Straten | Edited by Jamie Crawley 10 minutes ago Glassnode data shows a 43% surge in supply clustered in the $60K to $70K range following bitcoin’s 50% decline from its October all time high. What to know : Supply in the $60K to $70K band has risen from roughly 997,000 BTC on Jan. 1 to about 1.43 million BTC, meaning more than 8% of non exchange circulating supply now sits in this range. The $70K to $80K region has been described as an air pocket, and during the recent sell off bitcoin fell from $80K to $70K in just five days. 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