Michael Saylor: Here’s Why The Fall of FTX Could Spark Growth In The Crypto Industry

Michael Saylor, executive chairman and a co-founder of MicroStrategy, says that the failure of FTX could actually push the cryptocurrency space to greater heights. MicroStrategy is one of the biggest institutional supporters of Bitcoin and holds a large amount of digital currency in reserve. Saylor remains supportive and optimistic about the future of the digital asset industry despite the recent fiasco of FTX.

Michael Saylor: It Could Accelerate The Enforcement of Appropriate Crypto Rules

Top Bitcoin enthusiast Michael Saylor joined an interview with CNBC to discuss the recent news in the cryptocurrency space and said that the collapse of Sam Bankman-Fried’s crypto exchange FTX will expedite the implementation of US crypto regulations.

Saylor viewed that the industry needs to grow up and stated that global users demand digital assets, commodities, and securities. In spite of that, he sees a lack of a clear roadmap or guideline to register these digital entities. Saylor further mentioned that the world wants a trillion dollars in digital currency in the form of a USD stablecoin, and he believes that regulatory intervention is crucial to making this happen.

Saylor believes that the future of the digital asset industry lies with registered digital assets traded on regulated exchanges, where all users are supported and protected.

Michael Saylor: Crypto Journey From Entrepreneurial Stage To Institutional Stage

Michael Saylor emphasizes that if US regulators clearly lay out how crypto activities can come into compliance this would transition an era from the entrepreneurial stage to an institutional digital assets stage. Wherein big players like Bank of America, Fidelity, BlackRock, Goldman Sachs, and JP Morgans will enter the crypto space which could spark the massive and beneficial growth of the industry.

Saylor mentioned that if progressive regulations are in place there will be properly registered tokens as compared to the numerous thousand tokens currently trading on unregulated exchanges which are often partially centralized. He elaborated that the ongoing FTX collapse resulted from a lack of transparency. Further highlighting that as a result of this turbulence, the industry will speed up the implementation of necessary rules in the crypto sector and it is projected to grow even more rapidly