Saylor Says Scrutiny Of Bitcoin A Non-Issue

After Recent Dips – Saylor Says Scrutiny Of Bitcoin A Non-Issue

The past week or so has been rough in Bitcoin world and also for altcoins with large price dips across the board. As expected, CEO of Microstrategy, Michael Saylor has not been fazed. In a recent interview with CNBC while discussing concerns that governments and agencies such as the Federal Reserve and the US Treasury Department are closely looking at BTC as the leading crypto asset. Saylor said:

I think they’re non-issues because when you have an inflationary environment, money decomposes. The currency, which is the medium of exchange, and then the store of value, which is the asset, Bitcoin is an asset. It is regulated as an asset, taxed as an asset, [and] regulated as an asset. The governments said nothing anywhere in the world. In China, in Iran, in the US, people are holding this as an asset.

I think that the banks, their view is they don’t want you to challenge a currency like the US dollar and they want you to pay taxes when you transfer your assets. So for the Treasury Department to say, ‘If you transfer more than $10,000 of Bitcoin and oh, by the way, you’ve got to pay taxes when you transfer or sell it.’ That’s a totally non-event because that’s been the status quo with every asset in the country forever. 

This is just legitimizing Bitcoin as the apex asset, the best one. And I think it’s good for the industry.”

The volatility of Bitcoin has been argued by some that it will put investors off, but this was also of little concern to Saylor. Desite the recent big dips, he argued that:

“I think the big picture, if you look at the last 12 months is March 12th of 2020, we had $2 billion of trading on Binance and the price was around $5,000. On August 10th, when my company entered the entire Bitcoin market, we had a billion dollars of trading on Binance and the price is around $11,000. May 18th, biggest day maybe ever for Bitcoin, we had $13 billion traded with price around $37,000.

I think what those stats tell you is that Bitcoin is coming to life. It’s an institutional-grade, safe-haven asset. Although there’s volatility, the volatility is the price you pay for it to be 10x outperforming the S&P Index over a decade and be outperforming the S&P and Nasdaq by a factor of eight in the last 12 months.”

You can see the full clip from CNBC below. Saylor says scrutiny of Bitcoin a non-issue and with the well made points in this interview, we expect lots in the Bitcoin community will find their confidence again. 

 

So when Saylor says scrutiny of Bitcoin a non-issue, do you agree? Let us know in the comments section below. 

We’ll be following this story as it develops and we expect plenty more twists to come in this saga…Be sure to come back to Complete Crypto News, and follow us on Twitter for the latest updates. 

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