According to Michael Saylor, Co-Founder of MicroStrategy Inc the crypto-market turmoil is “wonderful” for Bitcoin. The feverish price movement in the Bitcoin market does not appear to bother the executive, contrary to popular belief. In fact, despite Bitcoin’s struggles to stay above $30,000, he has another bold prediction for it.
In a recent interview, Bitcoin evangelist Michael Saylor predicted that, despite the regulations, Bitcoin would rise to 10x. Let’s listen to what he had to say:
“The Most Certain Thing Is Bitcoin”
Take the case of stable coins: the crypto crisis and the UST crash both educated the existing crypto market and all investors on the notion of risk at the same time. You’re certain to get diverse flavors of risk with 19500 distinct types of coins, but how do you assess the risk?
Given the current bear market, MicroStrategy CEO Michael Saylor spoke with the YouTube channel Savvy Finance about the key reasons for the bear market, stating unequivocally that he is as bullish about Bitcoin as ever. He also stated that regulations Will Make Bitcoin 10x From Here!
In a world where everything is unpredictable, he claims that Bitcoin is the one thing that is certain. In a market full of upheaval and noise and fury, people need a safe zone to stand apart from the intrusion of a government, an agency, or a firm.
Saylor’s upbeat outlook?
“I think this entire crypto crisis is going to be excellent for Bitcoin,” Michael says. It will hasten some long-overdue regulation of stablecoins, altcoins, and exchanges. It’s about breaking the political deadlock. It’s informing the world about the differences between Bitcoin and security tokens, which will make it easier for big institutions to enter the space.”
Lack of trust in stablecoins and security tokens!
May bought the death spiral for Terra and UST had greatly shaken investor confidence. However this episode, according to Saylor, will help with the regulation of stablecoins and security tokens.
Additionally, he also stated that there is currently no suitable place to hide in these markets. Across the board, the market is in the bear market territory. Bonds are not a safe haven since they are currency derivatives. Stocks must boost their cash flows to keep up with inflation.
Is it regulations keeping the big sharks out?
When it comes to regulations, he is quick to say that he despises regulators and that he is opposed to them doing anything because as long as they don’t do anything, the industry will remain grounded at trillions of dollars, one, two, three trillion of dollars. When they do something, you’ll see people like David Solomon, who is the CEO of Goldman Sachs.
Whatever Goldman Sachs thinks, jp morgan thinks, Citigroup thinks, Bank of America thinks, and Wells Fargo thinks. So what he says is that “while we know the crypto economy is here to stay, we can’t custody it”, yet they are afraid of the custody of these assets. This is what creates panic in the market by public traded figures.
Why are the big institutions afraid of crypto?
According to Sailor, it is critical that regulators begin defining what constitutes a crypto-security commodity or property as soon as possible. When these definitions are clear, investors will know exactly what they are getting into, and multinational financial institutions such as JPMorgan Chase, Citigroup, Goldman Sachs, and others will feel more comfortable expanding their involvement in the space.
He believes that regulators need to clarify the issue of stable currencies, as well as the conditions for a crypto-security right. Luna was clearly a crypto-security, given there was an issuer and someone who could make judgments. According to him, the regulation of crypto securities would be accelerated because many of them are unregistered securities with no transparency.
As the analyst encircled the entire bear market scenario, regulatory clarity is going to open the way for tier one firms like MicroStrategy, and Citadel, but what it really means is Goldman Sachs, JPMorgan, Citigroup, Bank of America, Wells Fargo, Citadel, and all of Wall Street. It’ll open the way for them to make markets, do research, and provide liquidity, which eventually means loans, while also holding on to their balance sheets.