Painful But Necessary Crypto Industry Growth
• MicroStrategy co-founder Michael Saylor opines that high-profile crypto bankruptcies and a hearty price crash are necessary for the industry to grow.
• He believes that regulation is needed, as well as adult supervision from financial institutions such as Goldman Sachs, Morgan Stanley and BlackRock.
• Saylor responded to criticisms leveled by Charlie Munger, saying the 99-year-old investment veteran should take time to study Bitcoin.
Crypto Needs Adult Supervision and Turmoil To Grow Up
MicroStrategy co-founder Michael Saylor recently said on CNBC’s Squawk on the Street that the bankruptcies of once high-profile crypto players are “painful” but helpful in order for the industry to grow up. According to Saylor, greater regulation is a must for the industry in order for it to mature. He explained that “What [the industry] needs is adult supervision. It needs the Goldman Sachs and the Morgan Stanleys and the BlackRocks to come into the industry. It needs clear guidelines from Congress. It needs clear rules of the road from the SEC.”
Crypto Meltdown Educates Many On Crypto
Saylor further commented on potential incoming U.S cryptocurrency regulations after FTX’s bankruptcy, saying: “The crypto meltdown was painful in the short term, but it’s necessary over the long term for the industry to grow up.” The crypto meltdown has had a silver lining; it has educated many people on cryptocurrencies while simultaneously revealing that it’s time for a constructive framework so money can move into 21st century digital assets – according to Saylor.
Charlie Munger’s Criticisms Of Crypto
Saylor also responded to criticisms leveled by Charlie Munger (the vice chair of insurance and investment firm Berkshire Hathaway), who called cryptocurrencies “gambling” and argued that laws should be put in place banning them from being used as currency or commodity investments. However, Saylor disagreed with Munger’s view stating he should take some time to study Bitcoin before coming up with his opinion about digital currencies overall.
Ultimately, Michael Saylor believes that there needs to be more regulation within this space so people can feel safe investing their hard earned money in digital currencies without fear of fraud or theft – not only because these could potentially bring down entire companies but also because they could reduce consumer trust in this new form of asset class which would ultimately stunt its growth globally