Michael Saylor, former CEO of MicroStrategy says authorities would be obliged to intervene following the FTX debacle.
Saylor indicated in an interview with Natalie Brunell on November 14 that authorities may restrict crypto developments, which would favour Bitcoin (BTC).
He said Bitcoin, as the ‘apex’ cryptocurrency, is the ultimate store of value likely to benefit from good regulations, and states may elect to be progressive in crypto legislation.
In a conservative environment, Bitcoin is the apex crypto property, so people will hoard it as a long-term store of wealth, Saylor added.
Saylor emphasised that authorities may take a progressive approach by offering clarification. Providing clarification on registering crypto items may help prevent the FTX exchange’s destiny, he said.
Saylor’s positive stance on Bitcoin matches his stance on prospective legislation. Saylor called Bitcoin a path to freedom, via Finbold. Saylor blamed the government’s sluggish reaction on the absence of crypto rules.
The Bitcoin community has suffered from authorities’ delayed reaction. If authorities had been more forceful in 2018 or 2019, crypto casinos wouldn’t have exploded, he said.
Saylor called the FTX crash a costly financial lesson. Saylor criticised Bankman-Fried in a Yahoo Finance interview on November 15. Saylor compared Bankman-Fried to “Wolf of Wall Street” Jordan Belfort.
SBF is the Jordan Belfort of crypto, in a way. “The King of Crypto” will replace “The Wolf of Wall Street.” He twisted rules and politics. When performers use fake, stolen money to damage the industry, nobody benefits.”
The US is working on laws to control FTX during the issue. Wyoming senator Cynthia Lummis introduced a crypto bill. After FTX, the White House advocated for regulation of the industry.