Bitcoin Bull Michael Saylor Says FTX Crash Can Benefit BTC – Here’s What He Said
“The FTX collapse is an expensive ad for Bitcoin,” said former MicroStrategy CEO and bitcoin (BTC) bull Michael Saylor.
In a tweet on Monday, Saylor argued that the only future for the crypto industry that is actually viable is “registered digital assets trading on regulated digital exchanges.”
He shared these comments in light of the FTX disastrous collapse. In an interview with Yahoo Finance, Saylor compared the now-former FTX CEO Sam Bankman-Fried (SBF) to Jordan Belfort, aka 'The Wolf of Wall Street' – an American entrepreneur and former stockbroker who, in 1999, pleaded guilty to fraud and related crimes in connection with stock-market manipulation and running a boiler room as part of a penny-stock scam.
As reported, FTX filed for Chapter 11 bankruptcy late last week.
In this interview, Saylor said that,
“The collapse of FTX and FTT [the exchange’s native token] represents a corrupt crypto bank collapse, fueled by an inflationary fiat cryptocurrency.”
He went on to argue that the vast majority of cryptocurrencies currently in existence are unregistered securities, backed by nothing, trading on unregulated exchanges, which are often based offshore. These, he said, are like fiat currencies. Proof-of-stakes (PoS) tokens, too, are backed by nothing, Saylor added. Notably, Ethereum (ETH) famously transitioned to the PoS mechanism.
Therefore, he said, referring back to the FTX fall,
“This is simply a very expensive lesson for the crypto ecosystem and [on] the difference between crypto and bitcoin. This is going to be really helpful for bitcoin, because this is an educational moment and people are realizing the benefits of buying a cryptoasset that’s backed by the world’s most powerful computing network.”
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