Michael Saylor: Regulation and Corporate Adoption for bitcoin
MicroStrategy’s Executive Chairman, Michael Saylor, recently discussed the future of regulation and corporate adoption for bitcoin (BTC) in an interview with CNBC. This comes shortly after the company’s announcement of a $5.3 million BTC purchase last month.
bitcoin Needs Big Banks?
Saylor acknowledged some recent shortcomings in the crypto industry during the interview. He mentioned Sam Bankman-Fried’s trial for alleged theft and Binance facing scrutiny for supporting crypto accounts linked to terrorists. Saylor emphasized the need for “adult supervision” to elevate the industry to the next level. He believes big banks and Wall Street should play a role in becoming crypto custodians.
Focusing on bitcoin
Saylor also stressed the importance of focusing on bitcoin and moving away from the proliferation of altcoins. He agrees with Gary Gensler’s perspective on labeling most cryptocurrencies as unregistered securities. According to Saylor, bitcoin is a universally recognized protocol and a significant commodity in the space.
bitcoin dominance has risen to over 53% this year, while stablecoins are losing market share due to SEC crackdowns. The U.S. Congress is still working on appropriate crypto legislation, but progress has been slow due to partisan disagreements.
bitcoin ETF and MicroStrategy
Saylor predicts that bitcoin will rally as its inflation rate decreases after the halving in April. He also anticipates increased institutional demand with the introduction of a spot bitcoin ETF. Until now, MicroStrategy stock (MSTR) has provided institutions with spot exposure to BTC. Despite the introduction of an ETF, Saylor believes MSTR stock will continue to have a place in the market. He highlights that the company doesn’t charge a fee, utilizes intelligent leverage, and generates a tax-deferred bitcoin premium for investors.
### News source: cryptopotato.com