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.
Accelerated Crypto Regulation
Saylor predicted that the meltdown of LUNA and TERRA would create a political consensus that the community needs to move forward faster.
“A lack of regulation in the crypto industry is hurting Bitcoin more than it is helping it. The lack of regulation has been helping stable coins and cryptosecurities and in fact, all the competitors to Bitcoin and the space.”
Saylor hence felt regulation is going to be good for Bitcoin. The first thing to be regulated is stablecoins as there is a massive demand for stable coins globally, he explained.
He predicted that by 2024, the Bitcoin ecosystem could rotate from being entrepreneurial to institutional, with about 90% of regulatory clarity. “This decade is the decade of digital transformation of property, money and energy and between 2030 and 2040, it will be a hyper growth industry.”
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