MicroStrategy founder and executive chairman Michael Saylor says that Bitcoin (BTC) could soar by 900% if two key events happen in the crypto space.
In a new CNBC interview, Saylor says that if institutional investors take on a larger role in Bitcoin, the crypto space will mature and weed out unscrupulous characters and more speculative digital asset projects.
“I think that the liabilities are the early crypto cowboys, the crypto tokens, the unregistered securities, the unreliable crypto custodians. For the industry to move to the next level, we need to migrate to adult supervision. We’re going to need Big Banks to become the crypto custodians. We’re going to need Wall Street to take a role.”
The outspoken Bitcoin bull believes that traditional finance (TradFi) participation in BTC will cause the top-performing digital asset to soar by highlighting the virtues of BTC over countless altcoins, which he predicts will eventually lose their appeal.
“We need to rationalize away from the 100,000 crypto tokens – you know, YOLO (you only live once) coins that people are manipulating – to Bitcoin. Bitcoin is an asset without an issuer. It is the one universally recognized protocol that’s a commodity in the space. So when banks on Wall Street and responsible custodians are managing Bitcoin and the industry takes its eyes away from all of the shiny little tokens that have distracted and demolished shareholder value, I think the industry moves to the next level and we 10x from here.”
Bitcoin is trading for $34,783 at time of writing.
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