One of the most prominent bulls of the future of Bitcoin (CRYPTO: BTC) has been Michael Saylor. The CEO of MicroStrategy Inc (NASDAQ: MSTR) has put his money where his mouth is, investing his own personal money and revenue from his software company into the cryptocurrency. Here is an update on Saylor’s current opinions on Bitcoin.
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Saylor on Bitcoin: Speaking at the CoinMarketCap Crypto Conference, Saylor compared holding Bitcoin now to several prominent technology companies.
“Jeff Bezos could have sold Amazon Inc (NASDAQ: NASDAQ:AMZN) five different times and avoided an 80% loss, do you wish you sold Amazon in 2001?” Saylor said to a question about losing $4 billion from Bitcoin holdings.
Saylor also referenced Meta Platforms (NASDAQ: FB) co-founder Mark Zuckerberg not selling his company, previously known as Facebook (NASDAQ:FB), before its IPO.
“Trying to sell before a loss is a trader mentality. You can’t trade your way into being a Jeff Bezos.”
Saylor on Stablecoins: Saylor said MicroStrategy will not hold USD Coin (CRYPTO: USDC), TerraUSD (CRYPTO: UST) or Dai (CRYPTO: DAI) on its balance sheet.
“If you asked people the difference between UST, Circle and Tether – most people couldn’t tell you,” Saylor said.
Stablecoins have different levels of risk, Saylor said during the conference. The crash of UST has helped educate cryptocurrency investors of some of the risks involved.
“As long as regulators don’t do anything, the industry will stay at $1, $2, $3 trillion dollars. You could either stay in a regulatory gray zone with 1% or 2% of the money, or you can create a clear public policy framework.”
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Saylor points to the potential of big banks like Goldman Sachs (NYSE: NYSE:GS) and JPMorgan Chase (NYSE: NYSE:JPM) entering the space leading to adoption.
“When Goldman Sachs and JPMorgan enter the space, they’ll issue $500 billion, $1 trillion worth of stablecoins. Then you will see billions of people using this stuff.”
Until then, Saylor said regulators need to provide more clarity.
Outside of stablecoins, Saylor doesn’t see wide adoption of central bank digital currencies (CBDCs) that would lessen the significance of banks.
“The voters don’t want it, they would see it as an infringement on their freedom.”
Price Action: MicroStrategy shares were up 21% to $264.69 on Tuesday. Bitcoin is trading at $31,776 at the time of writing.
Photo courtesy: MicroStrategy on Flickr
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