Michael Saylor Says The Market Crash Will Speed Up Regulation Around Stablecoins

Michael Saylor Says The Market Crash Will Speed Up Regulation Around Stablecoins
фото показано с : zycrypto.com

2022-5-16 14:17

It has been a rollercoaster month for the crypto markets that saw the shocking crash of Terra’s native coin and stablecoin offerings wiping billions from the crypto markets. However, in a recent interview, Bitcoin evangelist Michael Saylor said that recent happenings would be good for Bitcoin and push stablecoin regulations.

Michael Saylor Believes The Recent Market Turbulence Will Ultimately Be Good For The Crypto Industry

The crypto markets were thrown into a panic this week, with Bitcoin, at some point, shedding all its gains in 2021, while the Terra Ecosystem seems to be in a death spiral with the UST stablecoin threatening to take down the crypto markets. However, in an interview with Fox News released on Friday, Michael Saylor has said that recent happenings will ultimately bode well for the crypto markets forming part of investor education while speeding up stablecoin regulations.

Terra’s UST token has grabbed all the headlines this past week as investors, much to their chagrin, saw their investments tank in value as the supposed stablecoin lost its parity with the dollar due to a  massive sell-off and macroeconomic factors. The crash of UST has also taken down the Terra native LUNA token with it, driving the price to $0. Consequently, the market panic also caused Tether, the leading stablecoin by market cap, to break its peg with the dollar, touching 2017 lows.

Saylor speaking on the situation, said it highlighted Bitcoin’s position as the only perfect thing in the crypto space. Saylor said:

“Look, the crypto crashes illustrated that the entire crypto world consists of three things. One perfect thing, which is Bitcoin, and it’s digital property, a few imperfect things. They’re stable coins. The world wants digital dollars. It’s just hard to find them. They’re looking like opaque money market funds. And then there’s a multitude, a whole host of dangerous things. Altcoins. They’re unregistered securities. And what we saw this week was an altcoin blow-up. And the world wants stable coins they can trust.”

Moreover, the MicroStrategy chief believes the UST run will also push lawmakers to create necessary regulations. Saylor said, “It’s going to accelerate some much-needed regulation of stable coins, all coins, and the exchanges.” Notably, US Treasury Secretary Janet Yellen, during a hearing during the past week citing the UST run, urged lawmakers to come up with stablecoin legislation by the end of the year.

Saylor Addresses MicroStrategy Detractors

Furthermore, during the interview, Michael Saylor also responded to the claims that MicroStrategy would go bankrupt due to the crypto crash. These claims spring up from the fact that the firm remains the largest corporate Bitcoin holder, with over 129,218 Bitcoin in its coffers and its valuation closely tracking the price movements of the digital asset.

Saylor noted that speculations of the firm having a margin call were unfounded. The executive clarified the situation, saying, “Yeah, not true. We had $5 billion of collateral, and we borrowed 200 million. So it’s like loan to value 4%. If you were ten X leverage, you would have borrowed 50 billion. Against that, we borrowed 200 million. It’s 1.4 leverage.”

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.5144 (-100%)

recent michael saylor crypto markets stablecoin bitcoin

recent michael → Результатов: 70


Фото:

Michael Saylor Reveals Multi-Billion Dollar Mistake He Would Have Made If He Hadn’t Invested In Bitcoin

MicroStrategy’s Michael Saylor has congratulated himself for what he believes was one of his biggest life decisions ever; choosing to invest in Bitcoin over gold, one year ago. In a recent tweet, the Bitcoin maximalist expressed his joy at how Bitcoin had bitten odds to outperform gold, the world’s most famous traditional store of value […]

2021-9-9 23:13


Фото:

Low Energy Proof-of-Work: Bitcoin Improvement Proposal Wants to Change Network’s Algorithm

The most topical conversation in the world of cryptocurrencies right now is the effects of bitcoin mining on the global environment after Elon Musk heated up the conversation. Following the recent Tesla announcement, the cofounder of Siphox and Powx, Michael Dubrovsky, revealed the nonprofit Powx has recently submitted a Bitcoin Improvement Proposal (BIP) that aims […]

2021-5-15 02:00


Фото:

MicroStrategy’s Saylor Doesn’t Seem To Be A Fan Of PayPal’s Bitcoin Payment system

American entrepreneur and CEO of MicroStrategy, Michael Saylor, has vetoed the recent crypto payment method introduced by PayPal, highlighting major blemishes in the background. Taking to Twitter, the business executive and co-founder of America-based establishment MicroStrategy suggested a more favorable approach to finance holdings and payment options devoid of the apparent shortcomings in PayPal’s method; […]

2021-4-3 21:13


Grayscale CEO predicts race to grab Bitcoin even as Twitter CFO considers Bitcoin investment

In a recent interview with CNBC Squawk Box Michael Sonnenshein, CEO at Grayscale Investments addressed Tesla’s recent Bitcoin investment that fuelled a fresh BTC rally. According to Sonnenshein, insThe post Grayscale CEO predicts race to grab Bitcoin even as Twitter CFO considers Bitcoin investment appeared first on AMBCrypto.

2021-2-11 21:00


Фото:

Stock Rebound is Trap, Go Bitcoin Instead: Galaxy Digital CEO

Billionaire Michael Novogratz said that the recent rebound in stocks might lead to another decline soon. Instead, he is confident in Bitcoin and gold. Bitcoin Will Be Among Ideal Safe-Havens Novogratz, CEO of crypto merchant bank Galaxy Digital, told CNBC’s “Squawk on the Street” that investors shouldn’t be misled by the recent spike in stock prices.

2020-4-8 23:26


Grayscale’s Q3 Report Shows Impressive Growth In New institutional Interest of Crypto Assets

Michael Sonnenshein gave an interview for CNBC on November 20, saying Grayscale’s recent Form 10 filing with US regulators would be great for the crypto industry if approved. At the beginning of this week, the asset manager Grayscale filed a Form 10 registration statement for the Grayscale Bitcoin Trust (GBTC), which is its Bitcoin (BTC) […]

2019-11-22 00:11


TechCrunch’s Michael Arrington Talks About the Ongoing Honeymoon Between Binance and Altcoins

One of the top cryptocurrency exchange platforms, Binance, has in recent times made a lot of headlines due to its announcements of developments in the crypto industry. Notably was Bitwise's report to the USSEC (United States Securities and Exchange Commission) which listed Binance as one of the exchange platforms with real transaction volumes. The Binance […]

2019-5-29 18:39