MicroStrategy co-founder and chief executive officer (CEO) Michael Saylor says increased regulations for cryptocurrency will cause a stampede of investment into bitcoin.
In a recent interview with Salt Talks, Saylor responded to comments by President Joe Biden’s Treasury Secretary nominee Janet Yellen, who expressed concern over illicit uses for cryptocurrency.
Saylor called the increased scrutiny bullish for crypto-assets, and said new rules would accelerate investment into bitcoin.
He said, “To the extent that we have regulated entities that are dealing in Bitcoin, I think it’s just going to accelerate the stampede of institutional money into Bitcoin.”
The MicroStrategy CEO said most investors were already purchasing bitcoin through regulated exchanges, which are required to comply with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) laws.
Saylor called increased regulation an indication of bitcoin’s mainstream appeal, with governments now being forced to keep up with demand from investors. He said pressure from governments would prove to be beneficial for bitcoin.
He continued, “I don’t think it’s earth-shattering. I don’t think it’s going to be negative for the industry. In fact, I think it’s the opposite […] I don’t think Bitcoin needs to be unregulated to be successful. I think Bitcoin just needs to be better than gold to be successful.”