Microstrategy CEO Michael Sayer says there is a full list of aspects and practices that harm bitcoin. Referring to these as the “Parade of the Terrible”
Bitcoin is down more than 70% since hitting an all-time high of $69k in November 2021. Over the past seven days, the value of the cryptocurrency has fallen by more than 30%, with BTC currently hovering near $20,000 per coin. It traded at a low of $17,600 over the weekend.
Sayler says that bitcoin will experience less volatility if there are not many downside factors in the cryptocurrency market. He made his remarks during a discussion with Northman TradersWayne Heinrich.
my discussion tomorrow @northman trader Review of economic growth during last two years, investment strategy during major storm, #bitcoin Volatility Drivers, Milestones for Mainstream Adoption, and Current Crypto Regulatory Approaches. https://t.co/bEx1iM9Dmz
— Michael Saylor⚡️ (@saylor) 18 June 2022
Sailor’s “Parade of the Terrible”
Seller, one of bitcoin’s most high-profile bulls, which contributes to the high volatility in BTC prices and thus unattractive to most institutional investors, includes widespread wash trading and a lot of unregistered exchanges with questionable practices.
,Crypto exchanges, offshore and onshore, are unregistered, unregulated and offer 20x leverageThat said, these exchanges do not have “mature Chinese walls” and thus they launch tokens, leak listing information and enable all kinds of practices that affect the market.
Then there’s that blot of 19,000 unregistered securities whose trades are “cross collateralized with bitcoin.
,You have a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with bitcoin.,
What about the “wildcard” crypto banks that are now collapsing? He says that crypto funds are accumulating billions of customers on questionable projects, resulting in problems in the bitcoin market. According to him, some crypto projects are currently facing liquidity problems and potential collapse.
To the public, Saylor offers a cautionary tale:
,The general public should not buy unregistered securities from wildcat bankers which may or may not happen next Thursday,
