Microstrategy’s Michael Saylor predicted a massive shakeout in the cryptocurrency market due to acceleration of regulation, which he said would be good for the Bitcoin community. It would be really best for Bitcoin if digital currencies, digital securities and digital properties are clearly defined with bright lines.
“Regulation would eliminate confusion as Bitcoin is currently being undermined by the guilt of association with all the other tokens.”
Regulation To Benefit Bitcoin
He wondered how many of the 19,000 existing crypto security tokens would survive in case of such a shakeout. In the wake of $UST’s decline in the last few days, Saylor said the last 72 hours saw a political consensus to move forward with clear regulation, which is going to be good.
“It is going to move the asset class from being a $1 trillion asset class to a $10 trillion. If there is a law, there could be an avalanche of institutional capital flow into stable coins and Bitcoin, and it will probably be a big shakeout. There is a wall of money that can’t come into the asset until everything is clarified.”
Referring to $UST’s fiasco, the Microstrategy CEO said the entire episode would hopefully educate an entire generation of crypto people into the merits of a truly decentralised crypto asset network, and the difference between crypto property and a crypto security.
