Bitcoin Will Be Winner: Michael Saylor on FTX Crash

Michael Saylor suggested that the FTX failure could accelerate the enforcement of proper crypto rules.

Famous bitcoin investor – Michael Saylor – thinks that the FTX crisis will have certain benefits for bitcoin.

In his view, chaos will eliminate thousands of useless digital assets while the main cryptocurrency and a “few” of others will be the sole survivors.

‘Bitcoin will be the winner’

In a recent interview for CNBC, MicroStrategy’s Executive Chairman Michael Saylor argued that bitcoiners (like him) are “stuck in a dysfunctional relationship” with the rest of the world. cryptocurrency ecosystem.

He explained that the demise of digital asset exchange FTX came from a lack of transparency. According to Saylor, if a company holds crypto assets, they should be “no one else’s liability.”

“You need to have full transparency about it. And that’s bitcoin, and FTT [the FTX token] isn’t,” he stated.

The American businessman believes that the unfolding disaster will accelerate the implementation of the necessary rules in the field of cryptocurrency. He expects only a “few” of digital assets to be able to meet the regulatory requirements, with bitcoin being one of them:

“Bitcoin will be the winner because bitcoin is a digital good and it is the least controversial of all.”

Saylor predicts that the crypto industry will soon move into an era where top institutions and “big players” will join the ecosystem of BTC and thus, drive growth and price. its.

For now, however, the asset is far from its best days and trades at around $16.5k, or 75% down from last year’s all-time high of nearly $70k.

Bitcoin soars to $1 million

The prolonged bear market has not changed Saylor’s high view of bitcoin and his expectations that its valuation will skyrocket in the coming years.

He asserted that the coin is a much better financial instrument than gold in June and forecast that sooner or later it will rise to $1,000,000.

He doubled down on his bold prediction in September, saying that BTC could hit $500,000 in the next decade if it matches the market capitalization of the yellow metal. MicroStrategy’s executive chairman also suggested that the coin could hit a new all-time high “at some point in the next four years.”

Read more: US Treasury Secretary and Indian Finance Minister discuss Cryptocurrency Regulation

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