The prominent bitcoin bull – Michael Saylor – opined that the FTX crisis will have certain benefits on bitcoin.
In his view, the turbulence will eliminate thousands of useless digital assets while the primary cryptocurrency and a “handful” of other coins will be the only survivors.
‘Bitcoin Will be the Winner’
In a recent interview for CNBC, MicroStrategy’s Executive Chairman – Michael Saylor – argued that bitcoiners (like himself) are “trapped in a dysfunctional relationship” with the rest of the crypto ecosystem.
He explained that the collapse of the digital asset exchange FTX came as a result of a lack of transparency. According to Saylor, if a company holds cryptocurrency assets, they should be “nobody else’s liability.”
“You need to have full transparency to it. And that’s what bitcoin is, and that’s what [the FTX token] FTT was not,” he claimed.
The American entrepreneur believes the ongoing calamity will speed up the implementation of necessary rules in the crypto sector. He expects only a “handful” of digital assets will be able to cover the regulatory requirements, with bitcoin being one of them:
“Bitcoin will be the winner because bitcoin is a digital commodity, and it’s the least controversial of everything.”
Saylor predicted that the crypto industry will soon move to an era where leading institutions and “big players” will enter BTC’s ecosystem and, as such, boost its development and price.
Currently, though, the asset is far from its best days and trades at around $16.5K, or a 75% decline compared to last year’s all-time high of almost $70K.
Bitcoin to Soar to $1 Million
The prolonged bear market has not changed Saylor’s high opinion of bitcoin and his expectations that its valuation will skyrocket in the years to come.
He maintained that the coin is a much better financial tool than gold in June and forecasted that it will sooner or later shoot up to $1,000,000.
He doubled down on his bold predictions in September, saying BTC could hit $500,000 in the following decade if it matches the market capitalization of the yellow metal. MicroStrategy’s Executive Chairman also thinks the coin might tap a new all-time high “sometime in the next four years.”