Bitcoin evangelist Michael Saylor says crypto regulations would speed adoption

[Bitstar_coin]

Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday.

"Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset," Saylor said on "Squawk on the Street," stressing as a major bitcoin believer and holder he's looking for "clear, bright line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange."

U.S. Securities and Exchange Commission Chairman Gary Gensler said last month that the agency is planning to crack down on Wall Street, including by creating and enacting rules for cryptocurrency markets. Back in August, Gensler said Congress needs to grant the SEC additional powers to regulate crypto.

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Is this where we are heading! Without regulations from the government, btc will never be able to achieve the so desirable adoption, if people like Saylor is publicly calling for regulations it means soon we will witness it, what do you guys think would happen, and what about btc maxis who are strongly in support of decentralization and privacy, will they be willing to give that regulation in other to use btc?

[jackg]

Most regulations have been targeted at exchanges and exchangers imo and I don't think that'll changr with more regulations coming in.

If people aren't happy with regulations, there will probably be ways to get around them without too much hassle or they might be able to just go ignored for those too with smaller amounts of crypto and go fairly unnoticed.

[mk4]

He somewhat has a point. I'm guessing that some institutional investors are very undecided with bitcoin/crypto is due to the regulatory uncertainty. Simply having clearer regulations regardless if positive or negative will give them a better assessment if bitcoin would be a "good" investment or not risk/reward-wise.

[GoodLuckHK]

Here we can say without a doubt. Most of the regulations have been made with the status of the exchanger and as more regulations come it will change and take on new forms.
Again if the people around are not satisfied with the regulations, there will probably be a way to get around them without too much hassle or they will be able to do them with a small amount of crypto.

[cabron]

6 years ago it was the other way around because every time a government will be announcing thier coming crypto regulation, the prices of cryptocurrencies are plummeting. It's different these days. When I've read about Biden regulation on my feed I watched the market for hours thinking price could plunge a bit to finally see RSI to its oversold. Price didn't dip a bit.

It could be true because after all regulation will ease the mind of investors who are skeptical with Bitcoin.  What is bothersome is that IMF is cracking down Bitcoin as legal tender while Biden is regulating.

[Ozero]

Of course, the legalization and acceptance of cryptocurrency can be carried out by states only through reasonable regulation of its circulation in society. Investors are reluctant to invest heavily in a financial asset without its legal status, so even tight cryptocurrency regulation is better than a long period of uncertainty. In addition, we see that cryptocurrency reacts very painfully to the prohibitions of states regarding cryptocurrency, and even to information about the possible introduction of a ban, with a sharp drop in prices. In the future, regulation may be weakened or tightened, but the very fact of legalization by establishing a certain legal status of the cryptocurrency and the conditions for its circulation is very important.

[pooya87]

I'm afraid it is more complicated than that. Basically I'd say it depends on the regulations and how restrictive and terrible they are. For example Japan and El Salvador both regulated bitcoin and that led to an increase in the speed of adoption. But if we see restrictive regulations as US loves to implement and they end up with huge taxation, a lot of nonsense intrusive KYC and things like that, it could actually slow down adoption, at least in US.

But as I said things are a lot more complicated than that. The more restrictions could actually backfire and it could push more people towards bitcoin specially as US dollar keeps tanking and inflation soars. If we see another recession then bitcoin adoption could also go through the roof with US dollar value dumping harder than ever.

[franky1]

this is not about regulating bitcoin.
its about regulating businesses that offer bitcoin services. (exchanges)

take for instance the delays of offering a ETF, or where some small banks freeze accounts because they were told 10 years ago to be wary of people moving funds to/from known exchange owned accounts

[Tony116]

Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday.

I totally agree with Michael Saylor's statement.
In fact, if the government can't regulate Bitcoin, they will be forced to stop it. Because no government of any country would want to let their people go unchecked.

So, in the interest of adopting Bitcoin Vastly, its regulation is very important. But I think no matter how hard the government tries, regulating Bitcoin will never be 100% effective if the people don't want it. Because you know Bitcoin is creatively pseudonymous.

[franky1]

Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday.

I totally agree with Michael Saylor's statement.
In fact, if the government can't regulate Bitcoin, they will be forced to stop it. Because no government of any country would want to let their people go unchecked.

So, in the interest of adopting Bitcoin Vastly, its regulation is very important. But I think no matter how hard the government tries, regulating Bitcoin will never be 100% effective if the people don't want it. Because you know Bitcoin is creatively pseudonymous.

they tried to regulate gold. didnt work
they tried to regulate alcohol. didnt work
they tried to regulate drugs.. didnt work

all they can regulate is businesses that use such things

[noorman0]

-snip-
what do you guys think would happen, and what about btc maxis who are strongly in support of decentralization and privacy, will they be willing to give that regulation in other to use btc?

I think Btc maximalist will not be bothered by regulation. Haven't they been managing their bitcoins in their privacy way for a long time? Meanwhile, if regulations try to centralize bitcoin as happened with Elsalvador, this is more intended for the benefit of prospective (or existing) service adopters, not individuals specifically because there is no need for adoption regulations to own it (silently).

[hyudien]

Is this starting to enter the concept of centralization that we are not aware of with the regulations on the exchange. If it fully impacts on massive adoption, then how will the impact of government control in controlling crypto exchanges will make it easier for institutions to dominate the market. Adoption is important, but setting policies that will only narrow down privacy is definitely not good for crypto users.

[takngantuk]

I agree with what Michael Saylor said. regulation can be a positive catalyst for adoption. without clear regulations, institutions will not want to adopt crypto especially bitcoin. that's why the role of government is needed for this. if regulations on crypto are released, institutions like the SEC will find it easier to regulate crypto projects. the impact will be favorable for the market.

[Henrobakkara]

He somewhat has a point. I'm guessing that some institutional investors are very undecided with bitcoin/crypto is due to the regulatory uncertainty.

The regulatory uncertainty still make people skeptical about crypto, Michael Saylor has a point. If there is any possibility of cryptocurrency getting regulated, the regulatory body (an extension from the government) will ensure that the regulations made are at an advantage to them.

That is the whole idea behind regulation, for them to know just about everything that is going on there, so it is always to their advantage but that said, it might not totally mean it is bad just as you too have said, this could make undecided folks/institution have more conviction in a space that wasn't regulated if it does come thru.

[Bitstar_coin]

I agree with what Michael Saylor said. regulation can be a positive catalyst for adoption. without clear regulations, institutions will not want to adopt crypto especially bitcoin. that's why the role of government is needed for this. if regulations on crypto are released, institutions like the SEC will find it easier to regulate crypto projects. the impact will be favorable for the market.

But the majority of crypto community always frown against anything that has the slightest regulations to it, take centralized exchanges for example, many crypto users claim they don't use them because of the simple reason of going through kyc, then imagine a strict regulation from the government on btc, what will happen to these sets of people,

I don't think regulations are entirely bad especially when it can sanitize the crypto space with all the junk projects created on a daily basis, but it also means no room for privacy, and perhaps most of the privacy projects will be targeted.

[DeathAngel]

They can only suppress the price & ignore bitcoin for a limited time. Bitcoin is the internet of the 90’s, in 10-15 years the majority of the civilised world will own or use bitcoin, even if not knowingly. Bitcoin is the future of money & there’s nothing anybody can do to stop it. 

[Fortify]

Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday.

"Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset," Saylor said on "Squawk on the Street," stressing as a major bitcoin believer and holder he's looking for "clear, bright line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange."

U.S. Securities and Exchange Commission Chairman Gary Gensler said last month that the agency is planning to crack down on Wall Street, including by creating and enacting rules for cryptocurrency markets. Back in August, Gensler said Congress needs to grant the SEC additional powers to regulate crypto.

Source

Is this where we are heading! Without regulations from the government, btc will never be able to achieve the so desirable adoption, if people like Saylor is publicly calling for regulations it means soon we will witness it, what do you guys think would happen, and what about btc maxis who are strongly in support of decentralization and privacy, will they be willing to give that regulation in other to use btc?

This is pretty true, because while Bitcoin is an excellent online currency it will never be accepted fully by governments (and thus seen as a dangerous threat by financial departments) until it is fully regulated. That is going to involve exchanges that share financial transaction information with the tax authorities and cooperate with police authorities. This is one way that people could avoid their country banning it outright, but it only works successfully in democratic countries, authoritarian governments tend to have ulterior motives when they are trying to control the financial abilities of their citizens. There will always be a possibility that criminals will adopt it heavily until this comes into place.

[boyptc]

It's his opinion and I remember before the pandemic and the bull run came. Many have said that it's the institutions that will drive the prices up and it seems that they're correct on it.

There's nothing to worry about decentralization. It's still going to be remain and just as what they've said, the regulators are going to focus to the businesses mainly the exchanges which will give confidence to the other institutional investors that haven't invested yet.

[TheNineClub]

He's not wrong. More regulation means more adoption means more stability means more adoption and so on. BTC has surpassed it's inital concept and has become much more than it's fully autonomous decentralised self once was. That dosen't mean all of crypto needs to get on that path, but for BTC it seems there is no turning back. But regulation does not mean one side will inforce restrictions on the other. It just means that a common ground will need to be established.

[mia_houston]

Tighter government crypto regulations would actually be a positive catalyst for bitcoin, MicroStrategy co-founder and CEO Michael Saylor told CNBC on Wednesday.

"Additional regulatory clarity from the [Biden] administration is going to benefit bitcoin and accelerate institutional adoption of that asset," Saylor said on "Squawk on the Street," stressing as a major bitcoin believer and holder he's looking for "clear, bright line definitions of digital property versus a digital security versus a digital currency and the operating rules of the digital exchange."

U.S. Securities and Exchange Commission Chairman Gary Gensler said last month that the agency is planning to crack down on Wall Street, including by creating and enacting rules for cryptocurrency markets. Back in August, Gensler said Congress needs to grant the SEC additional powers to regulate crypto.

Source

Is this where we are heading! Without regulations from the government, btc will never be able to achieve the so desirable adoption, if people like Saylor is publicly calling for regulations it means soon we will witness it, what do you guys think would happen, and what about btc maxis who are strongly in support of decentralization and privacy, will they be willing to give that regulation in other to use btc?

Like it or not but in the end the world must accept that bitcoin is a form of progress, and in that case the countries of the world will not be able to refuse it, now we just need a real example of a complete bitcoin adoption like salvador did, in my opinion if later salvador decision to adopt bitcoin has a positive impact on the country's economy, of course many other countries will imitate and follow the steps taken by salvador today, so that in the end adopting bitcoin in the future will become a necessity for countries in the world .