“Bitcoin will be the winner because bitcoin is a digital commodity and it’s the least controversial of everything.”
— Michael Saylor, co-founder and chief executive of MicroStrategy
In an interview with CNBC on Thursday morning, MicroStrategy’s chief executive Michael Saylor shared his thoughts regarding the FTX and Binance fiasco this week that shocked both crypto industry insiders and outsiders.
“Speaking for all bitcoiners, we feel we’re trapped in a dysfunctional relationship with crypto and we want out,” he said in the interview with CNBC’s Squawk on the Street, while discussing bitcoin
He also added that “bitcoin will be the winner because bitcoin is a digital commodity and it’s the least controversial of everything.”
When asked about regulation, Saylor said the industry needed to grow up, and that regulators are coming into this space. The events this week will “accelerate their intervention,” said Saylor.
Earlier this week, crypto exchange Binance’s chief executive Changpeng Zhao announced an intent to acquire crypto exchange FTX. A day later, he pulled out of the deal, saying it’s a result of “corporate due diligence, as well as the latest news reporters regarding mishandled customer funds and alleged US agency investigations.”
See also: ‘I f—d up’: Sam Bankman-Fried takes blame for liquidity issues at FTX
With progressive regulation, people won’t see 20,000 tokens like we do now, he said. Instead, there will be a handful of tokens, but they’ll be properly registered.
“We’re moving from the entrepreneurial stage… to an institutional digital asset stage where big players […] are going to enter this space and we’re all just going to grow up and the world is going to benefit from that,” said Saylor.
Saylor finished off the interview by saying the events this week were a teachable moment to everyone. “It teaches you that if you’re going to have a crypto asset, it needs to be nobody else’s liability. You need to have full transparency to it. And that’s what bitcoin is and what’s what FTT was not.”
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Watch the full interview here.