Michael Saylor says regulation is necessary for crypto industry growth

Former head of MicroStrategy Michael Saylor told CNBC in an interview that tighter regulation of the digital assets industry is a necessary element of its growth.

Today’s interview with @MorganLBrennan covered the success of @MicroStrategy, global adoption of #Bitcoin and #Lightning⚡️, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ

— Michael Saylor⚡️ (@saylor) February 3, 2023

“There needs to be adult supervision. The involvement of Goldman Sachs, Morgan Stanley, BlackRock in the industry. It needs clear guidance from Congress and rules from the U.S. Securities and Exchange Commission,” he explained.

According to Saylor, bankruptcies of large crypto projects and companies are ‘painful’ for investors in the short term, but beneficial for the industry’s development in the long term.

The former MicroStrategy CEO also responded to the criticism of Bitcoin from Berkshire Hathaway vice chairman Charlie Munger. He said on February 1 that the United States should follow China’s example and ban cryptocurrencies.

Saylor stressed that if Munger had spent 100 hours studying Bitcoin, he would be more optimistic about the asset than he himself. In the founder’s view, Western elites have not had time to acquaint themselves with digital gold.

“I have never met anyone who has spent time studying Bitcoin and not been impressed by it,” he added.

Recall that after the collapse of FTX in November 2022, Saylor reaffirmed MicroStrategy’s plan to continue buying Bitcoin.

Later he criticized the founder of the bankrupt Bitcoin exchange Sam Bankman-Fried for issuing unregistered securities, which helped him earn billions from “printed out of thin air” tokens.

In February 2023, MicroStrategy reported a net loss of $249.7 million in the fourth quarter of 2022.