According to Microstrategy co-founder Michael Saylor, bankruptcies of high-profile cryptocurrency companies and a sharp fall in prices are necessary evils to help the sector grow, while more regulation is a must.
In a February 3 interview on CNBC’s Squawk on the Street, Saylor weighed in on possible future crypto regulation in the United States following the FTX bankruptcy, saying that:
“The collapse of cryptocurrencies was painful in the short term, but it is necessary in the long term for the industry to grow.”
He added that industry “has some good ideas” — implicating the bitcoin (BTC) Lightning Network — but added that some in the space “implemented those good ideas irresponsibly.”
Today’s interview with @MorganLBrennan covered the success of @MicroStrategyglobal adoption of #Bitcoin and #Lightning⚡️, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ
—Michael Saylor⚡️ (@saylor) February 3, 2023
Today’s interview with @MorganLBrennan covered the success of @MicroStrategy, the global adoption of #Bitcoin and #Lightning⚡️, the evolution of the crypto industry, and the digital transformation of money.
Saylor said that The crypto space needs leadership from entities long involved in traditional financial markets and input from regulatorsparticularly the Securities and Exchange Commission (SEC).
“what you need [el sector] It is adult supervision. It needs Goldman Sachs, Morgan Stanley and BlackRock to enter the sector. You need clear guidelines from Congress. It needs clear rules from the SEC.”
This “crash”, according to Saylor, educated many on cryptocurrency, while also revealing that it is “time for the world to provide a constructive and transparent framework for digital assets” so that the financial system can move “into the 21st century”.
Saylor on Munger’s criticism of cryptocurrencies
saylor too responded to criticisms made by Charlie Mungervice president of insurance and investment firm Berkshire Hathaway, saying the 99-year-old veteran investor should take some time to study bitcoin.
On February 1, Munger opined that cryptocurrencies are “not a currency, not a commodity, not a value,” calling them “gambles.” and believing that the United States should “obviously” enact laws to ban cryptocurrencies.
Saylor agrees that Mungers’ criticism of cryptocurrency was not “totally out of line”but there are “10,000 non-stake crypto tokens”and added that:
“Charlie and the other critics, they are members of the Western elite and they are constantly being pushed to comment on bitcoin and they haven’t had time to study it.”
He added that if Munger “spent 100 hours studying” bitcoin then “he’d be more bullish on bitcoin than I am”.
Saylor referred to emerging markets such as Lebanon, Argentina, and Nigeria, which have high cryptocurrency usage rates and use cases. ranging from inflation coverage to remittances.
“Actually, I’ve never met anyone […] spend some time thinking about it without being excited about bitcoin.”
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