https://ift.tt/1tgIis8 Advocate Michael Saylor Says Clear Regulations Will Drive Crypto Adoption

MicroStrategy co-founder and popular Bitcoin proponent Michael Saylor said that better regulatory clarity on crypto would speed up the institutional adoption of the asset class.

He made the statement during an interview with CNBC on Wednesday.

“Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset,” Saylor said.

Saylor added that he seeks “clear, bright-line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange.”

In addition, the Bitcoin advocate stated that mainstream technology firms, large financial service companies, and individuals now see the need for a digital property solution, which the leading cryptocurrency, Bitcoin, can provide.

One of the major things that will spark the rapid mainstream adoption of crypto is regulators approving spot bitcoin ETF fillings and the use of fair value accounting methods, according to Saylor.

Just recently, the US Securities and Exchange Commission (SEC) rejected Saylor’s MicroStrategy accounting methods used in reporting its Bitcoin holdings.

Saylor has been a true Bitcoin advocate, as he continues to accumulate more of the leading cryptocurrency in MicroStrategy’s portfolio.

Since it started buying BTC 2 years ago, MicroStrategy has kept taking advantage of the price dips and continued to invest heavily in the digital asset.

After recently announcing the acquisition of 660 bitcoins, the firm now holds about 125,051 bitcoins, which is approximately $4.6 billion in current price. MicroStrategy is the largest Bitcoin corporate holder as it stands.

Despite the recent crash in BTC prices, Saylor noted that MicroStrategy will never be tempted to sell its large Bitcoin stash no matter how bearish the market is.

When asked in an interview if the company will sell its BTC during the current bear market. he replied,

“Never. No. We’re not sellers…We’re only acquiring and holding bitcoin, right? That’s our strategy.”