Bitcoin whale Michael Saylor urges governments to step in and regulate crypto’s ‘parade of horribles’
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Microstrategy CEO Michael Saylor argues the over 19,000 cryptocurrencies and digital tokens in circulation must be viewed as “unregistered securities” that cannot be likened to a hard commodity like Bitcoin. 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. El Salvador president Nayib Bukele seemed to back away from the month-old Bitcoin, implicitly urging investors to “enjoy life” instead of watching the value of their investment tumble. Saylor himself is hurting as his company borrowed $205 million in March to buy more Bitcoin, pledging part of its existing holdings as security, and fears emerged last month that Silvergate Bank would demand further proof. Source