​The head of MicroStrategy called the collapse of FTX necessar | Crypto Shake

​The head of MicroStrategy called the collapse of FTX necessary for the industry.

The founder of MicroStrategy and the famous “Bitcoin bull” Michael Saylor sees the collapse of the FTX crypto exchange as a kind of manifestation of Darwin’s theory: weak and bad players left the cryptocurrency market, writes Business Insider.

According to Saylor, the field needs more regulation from Congress and the SEC, and the crypto industry is currently in a crisis of confidence as many industry giants like FTX have faced a scandalous collapse. The fall of FTX wiped out more than $8 billion in client funds, although the founder of MicroStrategy believes that such a crash pushed the industry forward in the long run: the fall of Alameda and FTX only exposed the bad players in the trillion-dollar industry.

“The crypto crash was painful in the short term, but in the long term it is necessary for the industry to grow,” he said, pointing to useful ideas such as digital currencies and assets moving at the speed of light that cannot be stopped, and a digital commodity that cannot be underestimated. But at the same time, he recalled that cryptocurrencies need a clear regulatory framework for companies to comply with certain standards and protect customers.

“What is really needed is oversight. For the industry to have its own Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and BlackRock. We need clear guidance from Congress. We need clear rules of conduct from the SEC.”