- MicroStrategy Co-Founder sounds bullish even though last year’s crypto market crashed.
- The high profile crypto bankruptcies affected the crypto ecosystem but were helpful, as said by MicroStrategy co-founder.
Last week, MicroStrategy Co-Founder, Michael Saylor, weighed in the high-profile crypto bankruptcies and crypto regulation in a recent interview with CNBC’s Squawk on the Street. Saylor said that crypto needs ‘adult supervision’ and turmoil to grow more. The major bankruptcies of once high-profile crypto players are “painful” but were helpful.
Saylor further said that the crypto industry needs greater regulation. He opined on potential incoming United States crypto regulation after the bankruptcy of FTX. He added the crypto meltdown was painful but in the short term and now it is necessary over the long term for the industry to grow more.
MicroStrategy co-founder further noted about the “good ideas,” — implying one was Bitcoin Lightning Network — but added some in the space “implemented those good ideas in an irresponsible fashion.”
The Bitcoin optimist said the crypto industry requires right direction from entities which are already present in the traditional financial markets and input from regulators. That regulatory is none other than the United States Securities and Exchange Commision (SEC).
Saylor suggested that the industry needs adult supervision. He also wants the big players in the industry such as Goldman Sachs, the Morgan Stanleys and the BlackRocks to come into the industry. And also require clear guidelines from Congress. The industry needs clear rules of the road from the SEC.
Last year’s crypto meltdown educated more about the cryptocurrencies and simultaneously unveiled that now it is the high time for the world to provide “a constructive, transparent framework for digital assets” so the financial system can upgrade “into the 21st century.”
Saylor’s saying on Munger’s thoughts on crypto
Earlier this month, the Vice Chair of Insurance and Investment firm Berkshire Hathaway, Charlie Munger, said that crypto is “not a currency, not a commodity and not a security.” he instated called it “gambling” and also argued that the United States should “obviously” follow the footsteps of China and ban crypto.
Over Munger’s thoughts, the Bitcoin supporter responded that Munger should take time to study the most traded cryptocurrency, Bitcoin. Saylor agreed that the crypto criticism by Munger was not “totally off,” but there are “10,000 crypto tokens which are not gambling.
Saylor said Munger and the rest of the crypto critics are the members of the Western elite. They are continually “prodded for an opinion on Bitcoin and they haven’t had the time to study it.” He further added if Munger “spent 100 hours studying” Bitcoin then “he would be more bullish on Bitcoin than I am.”
The MicroStrategy co-founder also pointed to emerging markets of Lebanon, Argentina and Nigeria which have high crypto-use rates and use cases spanning from inflation hedging to remittances.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/06/michael-saylor-weighs-in-on-crypto-bankruptcies-and-regulation/