Crypto needs ‘adult supervision’ and turmoil to ‘grow up’ — Microstrategy co-founder

cointelegraph.com:

High-profile crypto bankruptcies and a hearty price crash are necessary evils to help the industry grow, while greater regulation is a must, according to Microstrategy co-founder Michael Saylor.

In a Feb. 3 interview on CNBC’s Squawk on the Street, Saylor opined on potentia incoming United States crypto regulation after the bankruptcy of FTX, saying:

He added the industry “has some good ideas” — implying the Bitcoin (BTC) Lightning network — but added some in the space “implemented those good ideas in an irresponsible fashion.”

Today’s interview with @MorganLBrennan covered the success of @MicroStrategy, global adoption of #Bitcoin and #Lightning⚡️, the evolution of the crypto industry, and the digital transformation of money. pic.twitter.com/bEnLOVbpiJ

Saylor said the crypto space needs direction from entities long-involved in the traditional financial markets and input from regulators — in particular the Securities and Exchange Commission (SEC).

This “meltdown,” according to Saylor, educated many on crypto while simultaneously revealing that it’s “time for the world to provide a constructive, transparent framework for digital assets” so the financial system can move “into the 21st century.”

Saylor also responded to criticisms leveled by Charlie Munger, the vice chair of insurance and investment firm Berkshire Hathaway, saying the 99-year-old investment veteran should take time to study Bitcoin.

On Feb. 1, Munger opined that crypto is “not a currency, not a commodity, and not a security” instead calling it “gambling” and believing the U.S. should “obviously” bring in laws to ban crypto.

Related: Film review: ‘Human B’ shows a personal journey with Bitcoin

Saylor agreed Mungers crypto-criticism wasn’t “totally off” but there are