MicroStrategy CEO Michael Sayer is waiting for the industry to grow up, claims “wildcat ecosystem” to go away
During a recent webcast appearance, MicroStrategy CEO Michael Saylor Criticized unregulated banks and investment companies trading unregistered securities.
Sailor believes that such “wildcat” banks are “obligated” for bitcoin.
American businessman claims that crypto and Bitcoin Cannot be used interchangeably as they are two completely different things. Investors who can’t tell the difference between them are ignorant, Sayer says:
Bitcoin is the exact opposite of almost everything else in the crypto space. The fact that they are actually linked is one of nature’s great ironies.
According to the entrepreneur, regulations would prevent cryptocurrency hedge funds from having a meaningful impact on the price of bitcoin.
Furthermore, the microstrategy boss says that many traditional mainstream investors are hesitant to dip their toes in bitcoin due to altcoins, many of which are unregistered securities.
“There are many mainstream banks, mainstream insurance companies … that will not invest in the asset class … because of the mud on the asset class from all other unregistered securities,” Sailor said.Investors have urged the U.S. Securities and Exchange Commission to set the record directly on which specific cryptocurrencies qualify as commodities in order to separate them from the plethora of unregistered securities.
Sailor slammed Tether (USDT), claiming it was an unregistered security “without any transparency.” The “never-ending Tether FUD” about whether the company is truly solvent will never stop, he warns.
The CEO of MicroStrategy also recalled how TeraUSD (UST) The stablecoin fell from $18 billion in early May to zero.