• According to MicroStrategy’s Michael Saylor, China’s cryptocurrency ban is ‘vastly insignificant’ for Bitcoin

  • Michael Saylor is unconcerned about China’s most recent wave of Bitcoin and cryptocurrency bans.

    In a new interview, the CEO of MicroStrategy tells Bill Barhydt, the CEO of crypto wealth management firm Abra, that he was an early shareholder in Google, Facebook, and Twitter. He claims he didn’t mind Chinese regulations back then and doesn’t intend to do so now.

    “If you had sold Google, Facebook, and Twitter shares in 2010 because you heard China was going to ban them, you would have lost obscene amounts of money. Trillions of dollars have been spent on technologies that China has prohibited. I believe that what China does is largely irrelevant in this context, and it’s gotten to the point where it’s almost comical because there’s been a China ban thing every quarter for the last five, six, seven years.”

    China announced last week that it would prohibit virtually all cryptocurrency-related activity.

    The Chinese government justified the crackdown by citing fraud and other illegal activities associated with cryptocurrency in a document co-signed by numerous state institutions.

    Saylor claims he is unconcerned about the move’s long-term impact on BTC’s price. However, he also believes that if investors aren’t willing to hold Bitcoin for a decade, they shouldn’t hold it for ten minutes.

    In contrast, he believes that the US approach to the world’s largest cryptocurrency is largely positive.

    “I actually believe that if you look at every statement made by a central banker or a regulator, it is pretty clear: Bitcoin is property. Bitcoin is a [commodity]… I’ve yet to see a regulator actually debate whether Bitcoin is a digital store of value…

    I believe that securities regulation is on the way, and that it will be related to [whether you’re] abiding by securities laws, [whether you’re] abiding by tax laws, and that kind of compliance will continue. However, no one disputes the existence of digital property in the form of Bitcoin. There was broad agreement in the Senate hearings last week. Every single senator, based on their body language and what they said, appeared to be in favor of Bitcoin and the crypto industry in general. Everyone just wants it to be properly regulated, and I believe the regulators have agreed.”

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