The former head of MicroStrategy, Michael Saylor, told CNBC that stricter regulation of the digital asset industry is a necessary element of its growth.
Today’s interview @MorganLBrennan covered the success of @MicroStrategyglobal adoption of #Bitcoin and #Lightning⚡️, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ
— Michael Saylor⚡️ (@saylor) February 3, 2023
According to Saylor, bankruptcies of large cryptocurrency projects and companies are “painful” for investors in the short term, but beneficial for the development of the industry in the long term.
The ex-CEO of MicroStrategy also responded to bitcoin criticism from Berkshire Hathaway Vice Chairman Charles Munger. The latter said on February 1 that the US should follow China’s lead and ban cryptocurrencies.
Sailor emphasized that if Munger spent 100 hours studying Bitcoin, he would be more optimistic about the asset than he is. According to the founder of MicroStrategy, Western elites did not have time to get acquainted with digital gold.
After the crash of FTX in November 2022, Sailor confirmed MicroStrategy’s course for further purchases of the first cryptocurrency.
He later criticized the founder of the bankrupt bitcoin exchange, Sam Bankman-Fried, for issuing unregistered securities that helped him earn billions from “printed out of thin” tokens.
In February 2023, MicroStrategy reported a net loss of $249.7 million in the fourth quarter of 2022.