Founder of MicroStrategy: ‘the crypto industry needs to grow up’

MicroStrategy founder and Bitcoin enthusiast Michael Saylor appeared on CNBC’s “Squawk on the Street” to discuss the latest developments in the cryptocurrency space.

To elicit a response from Saylor, the CNBC host began the interview by recapping recent news in the ecosystem, including the collapse of cryptocurrency exchange FTX, RippleFX, and the plummeting price of Bitcoin.

Saylor begins by stating that the events of the past week highlight the vulnerability of the cryptocurrency landscape. “Because Bitcoin is a commodity, you can self-custody it without an issuer,” Saylor began.

He went on to say that the vast majority of crypto tokens on the market are unregistered securities that are currently traded on unregulated exchanges that are frequently partially centralized.

This week, according to Saylor, demonstrated to investors everything that could go wrong if centralized token trading on an unregistered exchange “blows up.”

Saylor, speaking on behalf of all Bitcoiners, stated that they are trapped in a dysfunctional relationship with cryptocurrency and want a way out.

When asked if a crypto shakeout allows Bitcoiners to flee, Saylor replied:

“I think the industry needs to grow up.”

Saylor believes that global users are currently interested in digital assets, commodities, and securities. However, there is no clear roadmap or guideline for registering these digital entities.

“The world wants a trillion dollars of digital currency in the form of USD stablecoin,” says Saylor, and this can only be accomplished through positive regulatory intervention.

Saylor believes that the future of the virtual asset industry is registered digital assets trading on regulated exchanges where all users are supported and protected, alongside educated investors.