According to Michael Saylor, a proper regulation for Bitcoin would set much clearer rules and pave the way for greater institutional adoption. It would also establish measures that will help reduce the volatility seen in the price of digital currency.
MicroStrategy CEO Michael Saylor highlighted that Bitcoin would greatly benefit if regulatory frameworks get designed to tailor all the cryptocurrency industry.
Saylor’s thoughts came about during an interview led by the Bloomberg news agency. During this interview, Saylor exposed some topics of interest related to cryptocurrencies; he also offered some perspectives on the regulatory landscape.
Saylor spoke about regulations and how they affect Bitcoin. The chairman highlighted that, by creating better regulations, a positive effect could emerge for both the digital currency and the market. These regulations would increase its popularity among interested people, attract greater institutional adoption. It would even reduce the volatility present in their prices.
Bitcoin Trading is a Big Boom
Saylor’s statements came at a very shaking moment for the Bitcoin market, right after trading above USD 52,000 per unit. On September 7, the digital currency faced a considerable fall that took its price below USD 46,000.
Although the barrier of USD 48,000 is now around again, the short-term constant seems to be the volatility that shakes the market, so it is not clear which direction the price will take in the upcoming days.
The trading evolution of Bitcoin receives direct influence from the legal and economic landscape that surrounds it.
For Saylor, the technological disruption has made him describe the digital currency as the leading asset reserve of value, and it will keep working for at least 30 years more.
During the interview, Saylor highlighted that his company is very clear about its efforts regarding Bitcoin. After recently acquiring another 5,050 BTC this month, the company’s total balance sheets surpass 114,000 bitcoins, managing far more capital than some of the companies listed on the S & P500.
What is Happening in El Salvador
During the interview, the news regarding El Salvador also appeared. El Salvador is a country that, ten days ago, made Bitcoin official as legal tender, a measure that has generated protests and heated demonstrations in recent hours.
Saylor ratified that despite everything seen, the measure remains positive since this step made El Salvador the first country to adopt the most relevant technology of the decade.
According to the businessman, it is normal for opinions to clash due to the magnitude of the measure. This decision had led to protests that reached far beyond a peaceful manifest. The businessman still believes it would be beneficial for the nation in the future.
Saylor mentioned that around 500,000 residents downloaded Chivo Wallet and received USD 30 in Bitcoin. Saylor described these transactions as an extraordinary event.
By: Jenson Nuñez
