Michael Saylor’s Apple Stock Prediction for 2012 Goes Viral, Here’s What Bitcoin Bull Got: “Whoever’s Selling These Stocks Must Be an Idiot” – Apple (NASDAQ: AAPL)

What Saylor said

“If you ask me, Apple Computer is going to hit $2,000 a share. I’ll be with this company for a long, long time,” Saylor said in the video.

Apple has grown from $3 billion 12 years ago to $600 billion, thanks to its new devices like the iPhone and its strong user base.

“Whoever is selling these stocks must be a fool,” Saylor said.

The Bitcoin bull compared the iPhone to a Dell computer that you put under a desk and you don’t care if it’s hot or ugly, you just want it to cost $400 or $500. Saylor said that if you put a phone in your pocket, you care about whether it’s hot and what it looks like, which gives Apple an advantage.

Saylor said each iPhone model improves speed, battery life and is lighter, enticing consumers to buy the newest device.

Unlike computers, whose prices have fallen as they have improved, Saylor said Apple doesn’t need to lower its prices.

“People know just enough to hurt themselves,” Saylor said of one person who asked him about Apple’s ability to maintain its prices.

Saylor compared Apple and the iPhone to LVMH LVMUY handbags – both items continue to sell for thousands of dollars.

“When technology goes from being a utilitarian business brick that I put under my desk to being an item of clothing, a fashion statement,” Saylor said of the iPhone.

Saylor described iPhones and iPads as being somewhere between clothing, jewelry and accessories.

“They can maintain this price forever,” Saylor said.

Saylor said Apple could sell an iPhone and iPad to consumers every two to five years.

Related Link: Michael Saylor Summarizes Why MicroStrategy Is Superior to Bitcoin ETFs

Was Saylor right?

Apple shares reached well over $2,000 on an adjusted basis years later, making Saylor’s prediction correct.

Saylor’s Apple thesis was largely true. Today, the company does not need to lower its prices. It also sells upgraded iPhone models with new features and improved battery life every year.

The fact that the iPhone is becoming a must-have device also rings true. The iPhone is one of the leaders in the smartphone market and, in some cases, is considered a status symbol.

Apple shares were trading at an adjusted $21.31 on May 1, 2012. This could have been around the time Saylor’s comments were made. A $1,000 investment in Apple stock back then would be worth $9,824.80 today, an increase of 882.5%.

Compare that to the SPDR S&P 500 ETF Trust’s return of +284.2% over the same period.

Thanks to its investment in Bitcoin, MicroStrategy has been one of the best performing stocks of the last 10 years. The same $1,000 invested in MicroStrategy at the same time would be worth $9,374.91 today, an increase of 837.5%.

Read next: MicroStrategy’s Michael Saylor Pledges to ‘Hold Forever’, Eyes Long-Term Bitcoin Dominance