Booming cryptocurrency “horror parade” drags down Bitcoin! Michael Saylor urges government to step in

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 Booming cryptocurrency "horror parade" drags down Bitcoin! Michael Saylor urges government to step in
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CEO of Microstrategy Michael Saylor He called for regulators to step in and regulate the chaotic cryptocurrency “horror march” to curb the “horrific actions” of some cryptocurrency practitioners, who, he pointed out, have been dragged down by their immature, high-risk practices.bitcoins price. He also believes that many cryptocurrencies are “unregistered securities” and cannot be compared to “hard commodities” like bitcoin.

Michael Saylor was a recent guest Founder of Northman Trader Sven Henrich’s Podcast says that Bitcoin is caught in the “battle” of the cryptocurrency market crash because it often acts as aaltcoinCollateral for margin loans.

Michael Saylor thenCriticized banks and investment firms that trade unregistered securities (altcoins) and are not regulated, pointing out that such “wildcat banks” are Bitcoin’s “liabilities”. He claims that altcoins and bitcoin are not interchangeable because they are two completely different assets, and investors who cannot tell the difference between the two are ignorant. He said:

What you’re looking at is a mess of $400 billion worth of opaque, unregistered securities traded without full and fair disclosure, and they’re all cross-collateralized with Bitcoin, showing that Bitcoin is inherently incompatible with the crypto space. It’s ironic that almost everything is the exact opposite, but it’s actually connected.

Michael Saylor pointed out that through proper regulation, cryptocurrency hedge funds will be able to avoid the impact of cryptocurrency hedge funds on the price of Bitcoin. He bluntly stated that hedge funds such as Three Arrows Capital are “stumbling blocks” hindering the mainstream adoption of cryptocurrencies, not enablers. .

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He believes that because many altcoins are unregistered securities, this has caused many traditional mainstream investors to be reluctant to touch Bitcoin.

MicroStrategy is the Bitcoin “Big Brother Stud” in the currency circle. In the past two years, the software maker has spent a total of 3.97 billion US dollars to buy nearly 130,000 Bitcoins. Although the cryptocurrency market fell into a slump in May last year, the company continued to increase its bitcoin positions. In the process, it even issued “junk bonds” and sold $1 billion in stocks, just to raise funds to buy bitcoin. The strategy is “buy more More bitcoins, long-term bitcoin holdings”.

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