/crypto
magemore
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a day ago
Bitcoin is Different From Crypto Industry Says Michael Saylor
Microstrategy is on the list of the top ten companies holding Bitcoin.
As per reports, MicroStrategy had overall bitcoin reserves of 129,699, equivalent to 1.988 billion USD.
 MicroStrategy, Co-Founder and Executive Chairman Michael Saylor, is a bitcoin enthusiast and evangelist. On November 22, 2022, Saylor stated that Bitcoin should be judged on its own and not considered a synonym for crypto.  
In August, the company released its second-quarter earnings. At the same time, the founder of MicroStrategy, Michael Saylor, announced leaving the position of Chief Executive Officer in the company. The company’s President, Phone Le was appointed for the role that Saylor stepped out from. 
The balance sheet after the release of second-quarter earnings of the company showed a loss of about 917.8 million USD worth of bitcoin investment. By the end of the second quarter, MicroStrategy had overall bitcoin reserves of 129,699, equivalent to 1.988 billion USD.
At the same time, Saylor noted that “Our decision to invest in Bitcoin was driven partly by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program ― risks that should be addressed proactively.”
Earlier in September 2022, MicroStrategy noted in the filing the average price for the latest bitcoin purchase accounts sits at nearly 19,851 USD. Since the company has over 3.98 billion USD worth of BTC, the average price per bitcoin from their overall reserves is approx 30,639 USD. This price includes the fees and other expenses.  
MicroStrategy also quoted in its filing that it purchased 301 bitcoin between August 2 to September 19, 2022. With this purchase, the overall count of bitcoin in MicroStrategy’s stash went up to 130,000. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
— Michael Saylor⚡️ (@saylor) September 20, 2022
In an interview with CNBC on November 11, 2022, Saylor talked about what the ripple effects of the collapse of FTX would be.      
“I think this week highlights the virtues of Bitcoin as much as it exposes the fragility of the crypto ecosystem. Bitcoin’s a commodity; you can get self-custody without an issuer. Most crypto tokens out there are unregistered securities trading on unregulated exchanges and are fairly centralised.”  
“And so, what could go wrong? We saw what could go wrong if centralised token trading on an unregistered exchange blows up this week. I think that Bitcoiners have been predicting this for a long time. Speaking for all the bitcoiners, we feel trapped in a dysfunctional relationship with crypto, and we want out.” 
“I think the industry needs to grow, and regulators are coming into this space. And what the world wants is digital assets, commodities, and securities, but there’s no way to register digital security. There’s no clear guideline, a roadmap for designating a digital commodity. The world wants a trillion dollars of digital currency in the form of the USD stablecoin.”
“And so I think the regulatory intervention of late has been all negative, like enforcement. Still, the marketplace is waiting for the regulators to say, ‘this is how you register a digital currency’; this is how you register a digital security or a digital commodity.” 
“And instead of saying all the crypto exchanges should register, we need to register them because the industry’s future is registered digital assets trading on regulated exchanges where everyone has the investor protections they need,” “The investors understand the difference between Bitcoin, a stablecoin and a security token.”  
I think it will be the strength in the hand of the regulators. It’s going to accelerate their intervention, and there’s regressive regulation, which is to say ‘you can’t do anything, and that’ll contract the industry… but there’s a progressive regulation, which says ‘this is a path to register a digital security, a digital currency, a digital token, and your digital exchange.” 
#Bitcoin was a genuine technological innovation. But much of the crypto industry has deviated from the principles that were critical to the development of Bitcoin itself…as a result…Bitcoin must be understood as something outside this crypto industry.https://t.co/qFWkdMYGuf
— Michael Saylor⚡️ (@saylor) November 22, 2022
“If there is progressive regulation, then I think you won’t see 20,000 tokens, you’ll see dozens, but there’ll be properly registered tokens. The industry is going to grow much more rapidly. And ultimately, we’re moving from the entrepreneurial stage, where this was a wild west offshore where anything goes to an institutional digital asset stage. We’re all going to grow up, and the world will benefit from that.”
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