MicroStrategy CEO Michael Saylor says there’s a whole list of aspects and practices that are hurting Bitcoin. Referring to these as a “parade of horribles”
Bitcoin has plummeted more than 70% since hitting an all-time high of $69k in November 2021. Over the past seven days, the cryptocurrency’s value has dropped more than 30%, with BTC currently near $20,000 per coin. It traded at lows of $17,600 over the weekend.
Saylor, one of Bitcoin’s most high-profile bulls, things contributing to the high volatility in BTC price and thus unattractiveness to most institutional investors include widespread wash trading and too many unregistered exchanges with questionable practices.
Then there is that blot of 19,000 unregistered securities whose trading is “cross collateralized with Bitcoin.
“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,”
What about “wildcard” crypto banks that are now collapsing? He says crypto funds are betting billions of customer deposits on suspect projects, with the resultant problems hitting the Bitcoin market. According to him, that’s what happened with some of the crypto projects currently facing liquidity problems and potential collapse.
To the public, Saylor offers a caution:
“The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday.”
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