Billionaire Michael Saylor Says Bitcoin Will Come Out on Top Following FTX Collapse
Former Microstrategy CEO and Bitcoin bull Michael Saylor believes the fallout of FTX could actually benefit Bitcoin and spark further growth in the crypto industry.
Saylor, who joined CNBC's ‘Squawk on the Street’ last week, said the turbulence and market volatility will benefit Bitcoin and a “handful” of other coins as it will eliminate thousands of useless cryptocurrencies.
“If there is a progressive regulation, then I think you’ll see, you won’t see 20,000 tokens, you’ll see a handful, dozens, but they’ll be properly registered tokens. The industry is going to grow much more rapidly," he said.
When addressing the collapse of FTX, the Bitcoin enthusiast argued that the exchange failed as a result of a lack of transparency. According to Saylor, if a company holds cryptocurrency assets, they should be “nobody else’s liability.”
Saylor also warned that the recent developments around FTX will surely attract more regulatory scrutiny. However, he said if regulators move too aggressively in response to FTX’s implosion, it would harm the industry.
“I think it’s definitely going to strengthen the hand of the regulators. It’s going to accelerate their intervention. There’s a regressive regulation, which is to say, you can’t really do anything, and that’ll contract the industry," he said.
Saylor also noted there is a need for US regulators to clearly lay out how crypto activities can come into compliance. “The regulatory intervention of late has been all negative like enforcement, but the marketplace is waiting for the regulators to say this is how you register a digital currency," he added.
As reported, FTX filed for Chapter 11 bankruptcy late last week. Notably, FTX US, the US arm of the crypto exchange, has also been included in
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