I’ve noticed something interesting in what Michael Saylor has been saying about Bitcoin lately. He compares the 45% drop we’re seeing right now to what Apple suffered in 2013, when the stock was considered a milk cow to be milked with no future. Yes, just as the cow’s verse is the moo, the market’s cry of pain back then was deafening.

Just think about it: the iPhone was already indispensable for billions of people, yet Wall Street valued it at a price-to-earnings ratio below 10. It took seven years, with the support of Icahn and Buffett, before the stock fully recovered. According to Saylor, the founder of MicroStrategy and the largest public holder of Bitcoin, there practically isn’t any major technology investment that hasn’t had to pass through a valley of despair like that.

Now Bitcoin is down 45% from highs near 125mila dollari. A decline of a similar scale, but here the story could be different. What Saylor emphasizes is that the current cycle is more contained than in the past, and not by coincidence. The migration of derivatives from offshore markets to regulated U.S. markets is dampening volatility in both directions. What once could have been an 80% collapse is now compressed between 40 and 50 percent.

Traditional banks continue to refuse to lend against Bitcoin collateral, which pushes some investors toward shadow banking structures. This creates artificial selling pressures during periods of stress, but it’s a structural factor that still moderates excesses.

What strikes me is how Saylor dismisses all the recurring narratives of fear surrounding Bitcoin. Quantum computing? He says it’s just the latest in an endless series of FUD, from wars over block size to energy consumption to Chinese dominance in mining. None of this has ever stopped the network. Quantum computing does not pose a concrete threat for at least a decade, and when it does, every worldwide digital system will have to make the same upgrade. Bitcoin will evolve with it.

And now that people have gotten tired of quantum FUD? They’ve shifted to FUD about Epstein, as if the case files from a decade ago could threaten the protocol today. Saylor calls all of this what it is: recurring fear, uncertainty, and doubt.

The lesson is simple but hard to digest: if you’re looking at Bitcoin as if it were a milk cow instead of an emerging technological infrastructure, you’re looking at the wrong chart. It could take two years, three years, maybe seven like Apple. But the parallel is illuminating if you have the patience to see it.