Better regulatory clarity on crypto, according to MicroStrategy co-founder and popular Bitcoin proponent Michael Saylor, would speed up institutional acceptance of the asset class.
He said this in an interview with CNBC on Wednesday, claiming that the [Biden] administration’s improved regulatory clarity will promote bitcoin and drive institutional adoption of the asset.
“Clear, bright-line definitions of digital property versus a digital security versus a digital currency and the functioning regulations of the digital exchange,” Saylor continued.
Furthermore, the Bitcoin proponent added that mainstream technology businesses, huge financial service organizations, and individuals increasingly recognize the need for a digital property solution, which Bitcoin, the leading cryptocurrency, can supply.
Regulators accepting spot bitcoin ETF fillings and the use of fair value accounting methods, according to Saylor, are two important factors that will accelerate crypto’s mainstream adoption.
Saylor’s MicroStrategy accounting methods for reporting its Bitcoin holdings were recently rejected by the US Securities and Exchange Commission (SEC).
Saylor has been a staunch supporter of Bitcoin, adding more of the top cryptocurrency to MicroStrategy’s portfolio.
MicroStrategy has continued to invest aggressively in BTC since it began buying the digital currency two years ago, taking advantage of market troughs.
Following the latest announcement of the acquisition of 660 bitcoins, the corporation currently holds roughly 125,051 bitcoins, valued at approximately $4.6 billion at current prices. As of now, MicroStrategy is the largest corporate Bitcoin holder.
Despite the recent drop in Bitcoin prices, Saylor stated that MicroStrategy will never be enticed to sell its huge Bitcoin holdings, regardless of how gloomy the market is.
In an interview, he was questioned if the corporation will sell its BTC during the current bear market, and he stated that they are not sellers. They solely acquire and store bitcoin. That is their plan.