Michael Saylor, CEO of MicroStrategy, which is one of the names that gives the highest institutional support to the Bitcoin (BTC) currency, likened the purchase of Dogecoin (DOGE) to gambling.
On July 3, in his market review with NorthmanTrader’s Sven Henrich, Saylor equated playing roulette in Las Vegas with investing in Dogecoin.
Saylor, who equates cryptocurrencies such as Dogecoin, which emerged as an internet joke, to gambling, added that he “believes that gambling is unethical as long as it does not impoverish people.” The CEO explained:
“It’s not for us to tell adults what they can and can’t do. They might want to bet on the results of sporting events, gamble in Vegas, or invest in a ‘meme’-themed cryptocurrency… As long as you don’t exceed the amount you can risk, you won’t impoverish your family.”
The Bitcoin proponent CEO also underlined that investing in promising startups carries similar risks as buying cryptocurrencies on use-cases.
As reported by Cointelegraph, the CEO, who implemented the Bitcoin Mining Council, pressed the button to reduce the carbon footprint of protocols using the Proof of Work (PoW) algorithm, especially Bitcoin.
MicroStrategy CEO also emphasized that Bitcoin has performed 10 times better than stocks and 100 times better than gold in the past decade, summing it up as “I prefer volatility and buoyancy to a stable recession.”
Saylor, who said that the current uncertainty in terms of regulations is a common problem for the entire cryptocurrency market, said, “I think the market will grow more when the uncertainty disappears.”
Explaining that decentralized exchange (DEX) and decentralized applications (DApp) are “very ambitious”, the CEO thinks that these protocols pose the most regulatory risk:
“Regulators who are not satisfied with exchanges offering Bitcoin and Ethereum futures will not like DeFi exchanges offering futures.”
Finally, Saylor argued that decentralized stablecoin options such as Tether (USDT) pose a “direct threat” to central bank digital currencies (CBDC) and therefore cannot avoid intense regulatory scrutiny.
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