The former Microstrategy CEO shared his opinion against the current situation of the crypto market in the US jurisdiction & further suggested crypto firms to mainly Bitcoin-like digital assets.
Microstrategy is a publicly listed company. Since 2020, this company buying Bitcoin to add to the company’s balance sheet. At present, this company holds nearly 140,000 BTC and is also exploring new ideas to develop some special featured apps on the Bitcoin network.
On 13 June 2023, Michael Saylor, the former CEO of MicroStrategy, appeared in an interview with Bloomberg TV.
Saylor indirectly dragged attention toward the United States Securities Exchange Commission (SEC)’s lawsuit actions against crypto firms and said that his company has been fully focused on investing in Bitcoin since 2020.
Saylor asserted that Bitcoin is only a well-known digital asset, which is only a pure commodity and this is the reason why his firm invests in only Bitcoin, over any other crypto asset.
According to Saylor, the regulatory bodies are finding it difficult to regulate this sector, especially the regulation of those crypto assets which are crypto security & crypto derivatives, & also for stablecoins.
Furthermore, Saylor noted that regulators’ regulatory actions showed that they are only in support of the crypto exchanges for only Bitcoin trade services, as the majority of the crypto assets have been labelled as security assets by the SEC body.
“So, the entire industry is kind of destined to be rationalized down to a Bitcoin-focussed industry with half a dozen to a dozen other proof-of-work tokens,” Saylor said.
According to the former Microstrategy CEO, the majority of the crypto assets are trying to become the next Bitcoin but in reality, Bitcoin will be the next Bitcoin, instead of any other asset.
On the Bitcoin trade price, Saylor said that it will surge with its usual logic by 10× with every cycle.
In the last, Saylor explained that recent regulatory actions against the Cryptocurrency & crypto firms showed that regulatory bodies are clear with bitcoin’s nature and also Bitcoin halving is coming in the next year, so we should remain ready to see the next big Bitcoin pump.