The cryptocurrency market is unregulated in most parts of the world, but Michael Saylor believes that clear regulations would boost institutional adoption.
Michael Saylor, the CEO of MicroStrategy, believes that clear cryptocurrency regulations would speed institutional adoption. He revealed this during an interview with CNBC yesterday. He said;
“Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset. Clear and bright-line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange.”
The crypto space is largely unregulated in the United States and other parts of the world. Saylor, a prominent advocate for bitcoin, has led MicroStrategy to invest billions of dollars in the leading cryptocurrency over the past two years. Saylor stated that;
“The most important point is that Big Tech and Big Finance and billions of people around the world need a digital property solution. We have a technically sound, economically sound, morally sound, politically sound path forward, and that’s bitcoin. I think people are starting to realize that now.”
In December, the United States Securities and Exchange Commission Chairman Gary Gensler stated that the agency plans to crack down on Wall Street. The agency intends to create and enact rules for cryptocurrency markets.
The cryptocurrency market has been underperforming over the past three months. Since hitting an all-time high of $69,044 in November 2021, it has lost nearly 50% of its value.
At press time, Bitcoin is trading around $36k per coin, down by more than 2% over the past 24 hours.
Despite the decline in prices over the past few months, Saylor remains an optimist and added that MicroStrategy has no plans to sell any of its bitcoins.
MicroStrategy has invested more than $3 billion in Bitcoin over the past few years.