The CEO of MicroStrategy believes that the UST default showed that stablecoins are just an unfortunate market reaction to the public’s need for a digital dollar.
Michael Saylor, answering questions from Charles Payne during an interview on Fox Business, declaredthat the collapse of the stablecoin UST and the fall of the market highlighted three separate categories of cryptocurrencies. The first category is bitcoin, which truly has a unique value, assures the head of the company leading in terms of investment in BTC:
“Cryptocurrency crashes have demonstrated that the entire crypto world consists of three types of cryptocurrency assets and one ideal one, which is bitcoin – an example of true digital property.”
The head of MicroStrategy refers stablecoins to the second category, which, in his opinion, only satisfy the community’s need for a digital dollar:
“There are a few imperfect assets – these are stablecoins. Which were issued because the world wants to use digital dollars. They just don’t exist yet. They look like opaque funds in the financial market.”
Alternative cryptocurrencies, altcoins Sailor refers to high-risk assets:
“They are unregistered securities and what we saw this week was an explosion of altcoins. The world needs stablecoins that can be trusted.”
The businessman noted that the long-term consequences of the collapse of the UST will be positive for Bitcoin and the acceleration of the cryptocurrency regulation process.
“I think this default will benefit Bitcoin. It will speed up the much-needed regulation of stablecoins, altcoins and exchanges, and remove the political impasse. The default showed the difference between bitcoins and security tokens, and made it easier for companies and other organizations to enter the cryptocurrency market.”
Saylor believes that in addition to investing in industry products, retail investors are attracted to cryptocurrency as a way to invest money outside of the stock market:
“I think that every week the crypto market attracts new users. We’re winning against Goldman Sachs, the big banks and Fidelities.”
He noted that the main idea of the cryptocurrency is that now billions of people do not need to risk their savings in the stock market or in the casino. Instead, invest in secure assets, “maybe even the hardest money the human race has ever invented, called bitcoin, and just wait?”
Billionaire and cryptocurrency investor Marc Cuban significantly changed his investment portfolio in April in favor of USDC stablecoin.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
