The Crypto Crusader Now Asks Government for Help
Microstrategy has become well known in the world of corporate finance for its monster holdings of Bitcoin. With crypto in free-fall, however, BTC has become quite the liability for shareholders. Now, CEO Michael Saylor wants the government to step in, most likely to preserve the firm's bottom line. His plea to regulators: Crack down on crypto industry's shaky practices—the "parade of horribles" as he describes it—that are dragging down the price of Bitcoin (Fortune).
What an irony - the world of decentralized crypto now needs a centralized government to help.
Uploaded files:Speaking in a webcast with NorthmanTrader founder Sven Henrich, Saylor said Bitcoin was being caught in the crossfire of a collapsing crypto market since it often served as collateral on margin loans for less proven tokens.
“What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,” he argued