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Speaking with Fox Business on Wednesday, MicroStrategy CEO Michael Saylor said that crypto regulation could provide boost for Bitcoin as it will attract traditional finance investors to the space.
According to the notorious Bitcoin Bull, large investors are waiting to get involved once the US government offers clarity on its regulation, thereby mitigating risk. He explained:
“I think it’s an immature asset class that is maturing and I think that any form of regulation is going to be good.
[Whether] it’s the SEC [Securities and Exchange Commission], the CFTC [Commodity Futures Trading Commission], the FASB [Financial Accounting Standards Board], the FDIC [Federal Deposit Insurance Corporation]. If any of them give guidance, the OCC [Office of the Comptroller of the Currency], it’s all going to be good for Bitcoin.
Many people take their cues from the government, like it or not. And so if the government clarifies the difference between a commodity, a security, a currency and how you can use these things, I think that opens up a much easier path for institutional investors, mainstream investors and corporations to get involved.”
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Saylor noted that the level of risk exposure for investors, depends on the timeline and intentions. He said:
“Bitcoin’s gone through three boom-and-burst cycles in the last two years since we got involved. If you are a short-term investor, this is a high-risk, high-beta, high-volatility asset.
But if you have got a 10-year time view, if you are a long-term investor, it looks like a low-risk store-of-value asset.
So it all comes down to what your time horizon is and what you are looking for out of the asset.”
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Saylor’s remarks echo sentiments in the crypto and financial markets, where large hedge funds are eager to step in, however the current regulatory uncertainty prevents them from allocating billions or trillions into the market.
Popular investor and Shark Tank host Kevin O’Leary recently called for regulation of the crypto industry noting that it will bring stability to Bitcoin and other crypto markets.