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In a tweet on Monday, Saylor argued The only future for a truly viable crypto industry is “registered digital asset trading on regulated digital exchanges”.
He shared these comments in the light of the disastrous collapse of FTX. in one Interview As with Yahoo Finance, Sayler compared now-former FTX CEO Sam Bankman-Fried (SBF) to Jordan Belfort, aka ‘The Wolf of Wall Street’ – an American entrepreneur and former stockbroker who in 1999 found fraud and related issues. was convicted of the offences. In relation to stock-market manipulation and boiler room running as part of a penny-stock scam.
as informed ofFTX filed for Chapter 11 bankruptcy late last week.
In this interview, Saylor stated that,
“The Fall of FTX and FTT [the exchange’s native token] Represents a corrupt crypto bank collapse, driven by an inflationary fiat cryptocurrency.”
He argued that most cryptocurrencies currently in existence are unregistered securities that trade for nothing, on unregulated exchanges, often offshore. They are like fiat currencies, he said. proof-of-stake (POS) The tokens are also backed by nothing, Saylor said. especially, Ethereum (ETH) famously infected For POS system.
So, referring to the FTX drop, he said,
“It’s simply a very costly lesson for the crypto ecosystem and [on] Difference between crypto and bitcoin. This is going to be really helpful for bitcoin, as it is an educational moment and people are realizing the benefits of buying a cryptoasset that is backed by the most powerful computing network in the world.
When asked about this divergence between bitcoin and other cryptos, and how many of the thousands of projects will survive, Saylor said that “you’re about to see a massive shakeout,” and 99% of unbacked tokens will disappear.
It is not only the market that will squeeze out unsuitable projects, but also the ever-increasing regulations. Saylor said,
“This accident intensifies regulatory intervention. […] it’s going to bring seconds [US Securities and Exchange Commission] And this CFTC [Commodity Futures Trading Commission] at a very high rate. And the future of the entire crypto industry is […] Registered digital asset trading on regulated exchanges.
He said that digital space has many advantages. Although,
“A good idea pursued in an unethical, irresponsible way is a bad idea. […] To change this, there is a need for ethically sound, technologically sound, financially sound digital assets. The industry needs to grow.
At the same time, Saylor said that BTC is currently moving from weak hands to strong hands, and that there is “extraordinary” institutional and investor interest in the asset class.
This isn’t the first time Saylor has shared the idea as he recently appeared on CNBC’s “Squawk on the Street” where he argued that the outcome of FTX could benefit bitcoin and lead to further growth in the crypto industry.
At 9:30 UTC, BTC was trading up 1.3% in a day and down 18% in a week at $16,931. Meanwhile, FTT was changing hands at $1.7, up 12% in a day and down 92.3% in a week.
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