Michael Saylor shared his thoughts on China’s recent Bitcoin and crypto bans. The famous CEO is not worried about this, unlike some investors.
MicroStrategy CEO revealed in a new interview with Bill Barhydt, CEO of crypto asset management company Abra, that he is an early shareholder in Google, Facebook and Twitter. He said he didn’t let Chinese regulations bother him back then, and he doesn’t plan to do that now.
“You would have lost an obscene amount of money if you had sold your shares of Google, Facebook and Twitter because you heard that China was going to ban it in 2010. Trillions of dollars have been spent on technologies that China has banned. I think what China is doing is largely irrelevant, and of course it’s starting to get ridiculous because, like every quarter for the last five, six, seven years, there’s been a ban in China.”
Last week, China announced that it is banning almost all activities related to the cryptocurrency industry. In a document jointly signed by multiple government agencies, the Chinese government cited fraud and other illegal activities that it attributed to crypto as the justification for the crackdown.
Saylor expressed that he is not concerned about the impact of the move on BTC price in the long run. However, investors think that if they don’t want to hold Bitcoin for ten years, they shouldn’t hold it even for 10 minutes.
In contrast, he thinks the US approach to the largest cryptocurrency has been largely positive.
“Actually if you look at every statement made by a central banker or regulators, I think they’re pretty clear: Bitcoin is an asset. bitcoin [bir] commodity… I haven’t seen any regulators really argue that Bitcoin is a digital store of value…
I think this regulation comes to securities and this regulation is a regulation about whether you comply with securities laws, whether you comply with tax laws […]. But the digital asset in the form of Bitcoin is not really discussed by anyone. If you look at the Senate hearings last week, there was broad consensus. The body language and words of each senator showed their support for Bitcoin and the crypto industry in general. Everyone just wants it properly arranged.”