Michael Saylor – the man behind MicroStrategy, a software firm that’s made a name for itself buying bitcoin – is confident proper regulation would help the crypto space become more legitimate. He thinks the right rules will be a “catalyst” for BTC, the world’s number one digital currency by market cap.
Michael Saylor Is Pro Regulation
In a recent interview, Saylor said:
Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset.
Throughout the interview, Saylor discussed specifically what he was looking for in the world of crypto regulation. He says that the rules need to be clear regarding both digital property and digital securities. He also says that the definition of a digital currency needs to be clarified, and he suggested specifically stating what a crypto exchange can and cannot do.
The topic of regulation in the crypto sector has been a controversial one in many ways given that several analysts and diehard traders believe more rules are likely to hinder the crypto space, rather than help it. Crypto was initially created to help people get away from banks. Crypto is designed to give individuals more control over their finances and prevent third parties and monetary institutions from choosing what they do with their money.
Thus, some say regulation will make crypto more centralized, and the initial vision of the space will become null and void. However, it can also be argued that without the right regulations in place, crypto will remain like the Wild West, and traders may see more of their money stolen at the hands of malicious actors.
It is unusual to see Saylor appearing enthusiastic about what the Biden administration is doing when it comes to crypto considering it consists of several people who seem to have no idea what bitcoin is. Individuals like Janet Yellen, for example, have continued to resort to old-time arguments that all bitcoin is good for is opening the door to more terrorist financing.
In addition, the latest infrastructure bill clearly infringes on traders by requiring them to report transactions above $10K. This is a clear invasion of privacy that Saylor seems to be ignoring.
MicroStrategy Seems to Love BTC
In any case, MicroStrategy has established itself as a leading institutional backer for bitcoin. The company first bought the asset in August of 2020. When the currency experienced a rather bearish September and bitcoin lost $2,000 off its price, the company did not flinch.
Instead, it decided to purchase more, a move that ultimately led to positive results given that just a month later, PayPal would announce the integration of a new crypto platform that would allow individuals to trade, purchase, and sell crypto through its system. From there, BTC rose to a whopping $13,000 – a high price at that time.