Michael Saylor Says FTX Crash Could Benefit Bitcoin

2:30 pm, Tue, 15 November 22

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MicroStrategy CEO and crypto bull Michael Saylor think the FTX crash could benefit crypto. He believes that this event could accelerate the enforcement of much-needed crypto rules, which could benefit Bitcoin in the long term.

“The FTX crash can be an expensive ad for Bitcoin said Saylor during an interview with Yahoo Finance, talking to the famous “Wolf of Wall Street” Jordan Belfort.

Saylor is an avid supporter of the crypto industry and has been very vocal about his support for Bitcoin. He also took on Twitter to address the FTX crash and said that the crypto industry would succeed when it’s about registered digital assets trading on registered digital exchanges.

FTX filed for bankruptcy last week, which is what everyone in the crypto community is talking about at the moment. During the interview with Belfort, Saylor also mentioned that this whole fiasco represents a corrupt crypto bank collapse.

The collapse of FTX and FTT [the exchange’s native token] represents a corrupt crypto bank collapse, fueled by an inflationary fiat cryptocurrency.”

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An Educational Moment for Crypto

Saylor also brought forward the point that most of the crypto projects are unregistered securities backed by nothing. On top of that, they are being traded on unregulated exchanges, most of which are being operated offshores.

He also believes that the Proof-of-Stake tokens are backed by nothing and possess a similar risk. It is worth highlighting that Ethereum transitioned to the PoS mechanism this year.

MicroStrategy’s CEO believes that this crash is an eye-opener and an educational moment for the crypto community.

This is simply a very expensive lesson for the crypto ecosystem and  [on] the difference between crypto and bitcoin. This is going to be really helpful for Bitcoin because this is an educational moment, and people are realizing the benefits of buying a crypto asset that’s backed by the world’s most powerful computing network.”

Talking about Bitcoin, Michael mentioned that the asset is now moving into strong hands, and there is massive institutional and investor interest in the asset. It is not the first time Saylor has backed Bitcoin, and his company MicroStrategy is among the most popular BTC investors.

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