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

News Snapshot:

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 This is the comparison favored by Michael Saylor, founder of Strategy (MSTR), by far the largest…

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