FTX's meltdown was painful but necessary for the industry to grow up, bitcoin bull and Microstrategy CEO Michael Saylor says
The cryptocurrency industry is enduring a crisis of confidence as a slew of industry giants like FTX face scandal-ridden collapse. Sam Bankman-Fried's crypto exchange may have wiped out over $8 billion of customer money, though MicroStrategy founder Michael Saylor says the meltdown has pushed the space forward in the long run.
"The crypto meltdown was painful in the short term, but it's necessary over the long term for the industry to grow up," Saylor toldSaylor says crypto has brought forth innovative ideas like borderless and inexpensive payment transfers, along with an immutable blockchain. Crypto needs clear regulatory framework to hold companies to specific standards and protect customers.
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