© Reuters.Lack Of Clear Crypto Regulation Intentional: Michael Saylor BTC/USD +1.48% Add to/Remove from Watchlist Add to Watchlist Add Position Position added successfully to:
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Michael Saylor recently shared his thoughts on crypto adoption and regulation at the Bitcoin 2023 conference.
Saylor emphasized a number of factors that are getting in the way of BTC being adopted as a treasury reserve asset.
Ultimately, Saylor firmly believes that BTC’s integration into traditional institutions is inevitable.The co-founder of MicroStrategy and notorious Bitcoin (BTC) fan Michael Saylor, shared some of his thoughts relating to the crypto space in a recent interview at the Bitcoin 2023 conference which was held between 18-20 May in Miami.One of the focus points from the interview was the lack of regulatory clarity around crypto, which Saylor stated is intentional.
According to Saylor, the limited adoption of Bitcoin as a treasury reserve asset among public companies, with only 24 listed companies holding it according to CoinGecko, may not be surprising considering various factors.Saylor pointed out that one significant challenge is the accounting treatment of Bitcoin as an indefinite and intangible asset.
He explained that this discourages investment due to the inability to write up its value.In addition to this, the entrepreneur explained that the crypto market’s complexity and confusion, especially with numerous other cryptocurrencies and recent regulatory crackdowns, have made conservative CFOs cautious.
However, Saylor believes that Bitcoin’s credibility has been strengthened through the failures of other crypto companies, highlighting its uniqueness as a commodity.
The resolution of regulatory issues and the normalization of accounting practices may eventually lead more companies to consider Bitcoin as a substantial asset allocation, according to Saylor.
With regard to the lack of regulatory clarity in the cryptocurrency industry, Michael Saylor believes it is seen by many in the industry as intentional rather than accidental.For example, Coinbase (NASDAQ: COIN ), a major crypto company, threatened to leave the US without clearer regulations and is suing the SEC for lack of transparency.
One of Saylor’s stand-out statements was the fact that he referred to himself as a Bitcoin realist.
Ultimately, Saylor firmly believes that Bitcoin’s integration into traditional institutions seems inevitable due to several economic, physical, and political factors.
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Lack Of Clear Crypto Regulation Intentional: Michael Saylor.