BTC Firebrand Michael Saylor Says Bitcoin Holders Want Out of Crypto – Here’s What He Means
MicroStrategy founder and Bitcoin bull Michael Saylor says BTC holders no longer want to be associated with other crypto assets.
In an interview with CNBC, Saylor says the collapse of crypto exchange giant FTX exposes the weakness of centralized entities operating in the space while highlighting Bitcoin’s strength.
“I think [FTX’s collapse] highlights the virtues of Bitcoin as much as it exposes the fragility of the crypto ecosystem. Bitcoin’s a commodity you can self custody without an issuer. The vast majority of all the crypto tokens out there are unregistered securities trading on unregulated exchanges, and they’re fairly centralized. And so what could go wrong? Well, we saw what could go wrong if a centralized token trading on an unregistered exchange blows up this week. I think that the Bitcoiners have been predicting this for a long time. Speaking for all the Bitcoiners, we feel like we’re trapped in a dysfunctional relationship with crypto and we want out.”
On November 6th, Binance CEO Changpeng Zhao announced his plans to liquidate the firm’s FTT Tokens, the native asset of FTX. At the time, Bitcoin was trading at $21,322.
Changpeng Zhao’s announcement triggered a bank run on FTX, subsequently igniting a sell-off event across the crypto markets. A day prior to the filing of FTX’s bankruptcy, Bitcoin printed a new 2022 low of $15,546
Saylor also tells his 2.7 million Twitter followers that FTX’s collapse could reshape the future of the industry.
“The FTX collapse is an expensive ad for Bitcoin. Too many good ideas have been pursued by the crypto industry in an unethical, unsound, irresponsible fashion. The only viable future is registered digital assets trading on regulated digital exchanges.”
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