Unambiguous Crypto Regulations can Accelerate Institutional Adoption: Saylor

Unambiguous Crypto Regulations Can Accelerate Institutional Adoption: Saylor

Stricter government regulations on crypto, according to MicroStrategy co-founder and CEO Michael Saylor, would, infact, be a positive catalyst for bitcoin.

According to Saylor, more clarity on the regulation on the part of the current administration would be a positive for bitcoin and accelerate mass adoption. Saylor emphasizes that as a prominent bitcoin believer and owner, he wants clear, black-and-white definitions of digital property vs. digital security vs. digital currency, as well as the rules of the digital exchange.

Last month, United States Securities & Exchange Chairman Gary Gensler stated that the SEC intends to start cracking down on Wall Street by developing and implementing rules for the crypto market. In August, Gensler stated that Congress should give the SEC more authority to regulate cryptocurrency.

Saylor, a predominant proponent of bitcoin whose company made large investments in cryptocurrency, blamed crypto volatility in the market on high-speed transactions, adding that he believes that mass adoption is precedented and will help stabilize the market.

The most crucial point, according to Saylor, is that Big Tech, Big Finance, and billions of individuals all over the globe require a solution for digital property. Bitcoin is a technically proficient, financially viable, morally correct, and politically sound route forward for them. He added that people have started realizing this now.

As per Saylor, catalysts for widely spread crypto acceptance include the authorization of spot bitcoin ETF proposals as well as regulatory requirements to use fair market value accounting for bitcoin holdings.

The Securities and Exchange Commission lately raised objections to an accounting system used by MicroStrategy in its quarterly financial statements. Experts at BTIG clarified in a recent statement that the corporate tech firm had already been releasing a non-GAAP operating income total that exempted impairment losses linked to its BTC holdings.

MicroStrategy had 125,051 bitcoins as of January 31, according to CFO Phong Le during the firm’s earnings call on Tuesday. That share was apparently worth $4.7 billion at existing coin price levels of around $37,400. Le stated that the firm’s total purchase price, such as fees and costs, was $30,200 per unit.

In comparison to previous CNBC appearances, Saylor was less aggressive in Wednesday’s question and answer session. He anticipated on “Squawk Box” around a year earlier that bitcoin’s market price will indeed one day meet $100 trillion.

As per CoinMarketCap, the overall market price of Bitcoin, the nation’s biggest virtual currency, was around $709 bn on Wednesday, with the whole crypto market worth just $1.7 trillion.

The bitcoin price, which is notorious for its fluctuation, has recently plummeted, dealing well almost 50 percent below its all-time high, close to $69,000 for every unit in November.

wpseo_editor
Jennifer Schreiber is certified Crypto Analyzer. She has completed her graduation from Cazenovia College. She works as an analyzer for our team and makes the latest bitcoin news related to the bitcoin price , fluctuations in prices and to be updated socially. you can contact her at : <a href="mailto:don@bitcoinprice.fun">don@bitcoinprice.fun</a>

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