How Bitcoin Could Profit from the FTX Scandal Long-Term

Michael Saylor is the founder of MicroStrategy, a company that provides business intelligence software and other related services. He explains how Bitcoin can benefit in the long term from the many crypto scandals that occurred in 2022.

Daily Hodl reporting on Twitter Michael’s comments on crypto scandals and how Bitcoin could profit from them.

Only Really Useful Cryptos Like Bitcoin Will Survive

According to Saylor, the cryptocurrencies that completely disappeared during the crypto winter of 2022 were not very useful. He even thinks that they were doomed from the start. In any case, this is what we learned from Daily Hodl. ” If you look at the microeconomic situation over the past 12 months, most cryptocurrency businesses, crypto assets, and cryptocurrency use cases have gone bankrupt in that time. Of course, we know the history of BlockFi, Celsius, FTX, Genesis, Voyager, and Alameda bankruptcies. We also know about the collapses of all crypto tokens, LUNA token, Terra token, FTT token, etc. In our opinion, these are all very weak use cases, and they are very fragile structures. And it was only a matter of time before they collapsed. said Saylor.

He added : ” This collapse has created short-term negative headwinds for Bitcoin, as Bitcoin is collateralized with all of these other cryptos. But in the long run, streamlining the crypto market will be good for Bitcoin. »

Are the statements of the founder of MicroStrategy unbiased?

As a reminder, crypto and especially Bitcoin is at the heart of MicroStrategy’s business. First, the company invests heavily in Bitcoin. Next, Michael Saylor is second on the list of the largest Bitcoin holders in the world. The ranking varies slightly from site to site. But he still among the top five. From there, would not speaking well of Bitcoin be a strategy to raise its price?

Several crypto companies went bankrupt in 2022. But none hurt more than FTX. The most surprising is that so far, justice is still struggling to determine what really happened. So much so that some wonder if those responsible will not walk away free.

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