- Michael Saylor joins CNBC to discuss the FTX chaos.
- The MicroStrategy founder says the crypto industry needs to grow up.
- He also believes the future of the industry lies in positive regulation.
MicroStrategy founder and Bitcoin enthusiast Michael Saylor joined CNBC’s “Squawk on the Street” to discuss the new happenings in the cryptocurrency space at the moment.
The interview started with the CNBC host recapping the recent news in the ecosystem including the cryptocurrency exchange FTX’s collapse, RippleFX, and the plummeting price of Bitcoin, to coax a response from Saylor.
Saylor begins by saying that the events that have unfolded in the past week highlight the fragility of the cryptocurrency landscape. “Bitcoin is a commodity, you can self-custody without an issuer,” started Saylor.
He continued by stating that the vast majority of crypto tokens in the market are unregistered securities, currently trading on unregulated exchanges which are often partially centralized. According to Saylor, this week showed investors all that could go wrong if centralized token trading on an unregistered exchange “blows up.”
Speaking on behalf of all Bitcoiners, Saylor expressed that they feel trapped in a dysfunctional relationship with cryptocurrency and they want an out.
When asked if a crypto shakeout enables an escape for Bitcoiners, Saylor answered:
I think the industry needs to grow up.
Saylor feels that global users currently demand digital assets, commodities, and securities. However, there is a lack of a clear roadmap or guideline to register these digital entities. “The world wants a trillion dollars of digital currency in the form of USD stablecoin,” and Saylor says that can only be possible through positive regulatory intervention.
Saylor feels that the future of the virtual asset industry is registered digital assets trading on regulated exchanges where all users are supported and protected, alongside educated investors.