Michael Saylor, co-founder and former CEO of MicroStrategy, discussed his views on the value of cryptocurrencies in an interview with Natalie Brunnel on the podcast show Coin Stories after FTX’s demise.
When Brunnel asked Saylor what the most important lesson from the FTX crash was, he responded that the previous week’s significant decline in FTX had shown both the virtues of Bitcoin and the vices of crypto.
The fact that money under human control cannot be trusted in its entirety is “an incredibly expensive lesson,” he continued, as well as the “basic fundamentals of monetary theory and banking.”
He continued by saying that since Bitcoin is decentralized and free from outside interference, it can be trusted more than fiat money.
After that, the former CEO of FTX Sam Bankman-resignation Fried’s and apology were discussed.
Saylor said it is better to leave it to the laws of nature and mathematics because no man could bear the financial burdens of all the billions of people.
He continued by saying that reliable, logical software might be more responsible than a human being at maintaining all the records.
Additionally, he discussed the advantages of cryptocurrencies, particularly Bitcoins. In his opinion, Bitcoin continues to be the most popular cryptocurrency in terms of both value and the number of owners.
In addition, all cryptocurrencies are more trustworthy than fiat money due to their accessibility, asset value, and ease of transactions.
Saylor remarked during a discussion of the FTX crisis that the regulators’ tardy response was a major factor in the traders’ panic.
Additionally, Saylor discussed risk management, noting that it is safer to take out loans when backed by a mortgage:
“Most conventional risk managers, you know, they would, for example, they would never advance for more than 50 percent loan to value.”
He addressed Elon Musk in his final message, noting that Twitter is the most “underappreciated digital network” despite being the world’s largest platform for free speech.
Twitter needs to be monitored to make it the most reliable platform for free speech, he continued.