In his interview on CNBC’s Squawk on the Street, Microstrategy Chief Executive Michael Saylor believes the fall of FTX will benefit Bitcoin and fuel further growth in the crypto industry. According to Saylor, market turbulence will eliminate thousands of useless cryptos.
“If there is a progressive regulation, then I think you’ll see, you won’t see 20,000 tokens, you’ll see a handful, dozens, but they’ll be properly registered tokens. The industry is going to grow much more rapidly.” Michael Saylor, Executive Chairman of Microstrategy.
When asked about what the collapse of FTX would mean for the crypto industry, Saylor said the future of digital assets was still promising, provided regulators stepped in to direct the sector and protect users.
Saylor added that currently, crypto is transitioning from the initial stage of the “Wild West”, which was dominated by small companies and startups, to the set of “institutional digital assets”, where regulators and traditional banks are the leaders.
“We’re all just going to grow up, and the world is going to benefit from that.” Michael Saylor, Executive Chairman of Microstrategy.
Microstrategy Has About 130,000 BTC Right Now
Since late 2020, Microstrategy has bought and held Bitcoin as a treasury reserve. It has invested millions of dollars in the most popular cryptocurrency to protect itself from inflation and diversify its portfolio.
At the moment, the firm has over 130,000 BTC, which is worth over $2.1 billion at the current exchange rate, in its possession. According to data collected by Buy Bitcoin Worldwide, the average price paid was $30,623, for a total expenditure of $3.981 billion. As a result, the firm has lost almost $1.8 billion due to its Bitcoin holdings.
The disappointing performance of Bitcoin has also negatively influenced the value of MicroStrategy shares, which ended the most recent trading day with a loss of more than 19%. The value of the company’s shares has decreased by 69% so far this year.
However, despite the recent price drop, Saylor remains bullish on the flagship cryptocurrency. “Bitcoin will win because it is a digital commodity and the least controversial of all,” he said in the interview.
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