Michael Saylor Equates Dogecoin Investment to Gambling in Las Vegas

Kavya  |  Jul 5, 2021

MicroStrategy CEO Michael Saylor equates Dogecoin investment to gambling and playing Russian roulette in Las Vegas in an interview with NorthmanTrader's Sven Henrich on July 3.

Why Michael Saylor Equates Dogecoin Investment To Gambling?

MicroStrategy's Michael Saylor equates Dogecoin investment to gambling in Las Vegas as OK as long as it does not bankrupt your family.

“I'm going to purchase some Dogecoin before Elon Musk appears on Saturday Night Live. I'm heading to Vegas and I'm betting on black.”

However, the millionaire feels that gambling on meme stocks or meme cryptocurrency is not immoral as long as it does not impoverish your family:

“We shouldn't tell grownups they can't do something. If people want to bet on sports results, or if they want to bet in Vegas, or if they want to bet on a meme... As long as it's in your gaming kitty and you will not bankrupt your family.”

According to Saylor, individuals who invest in promising startups or cryptocurrencies with use cases are investing.

Regulation-Related Dangers

Regulatory uncertainty, according to MicroStrategy's CEO, is an "overhang" for the whole Bitcoin market:

“I believe the market would be larger without it.”

Decentralized exchanges and decentralized apps, he believes, pose the greatest regulatory danger since they are "extremely ambitious":

“If regulators aren't happy with exchanges in London providing Bitcoin and Ethereum futures right now, they will not be happy with DeFi exchanges offering Bitcoin/Ethereum futures.”

According to Saylor, decentralized private currencies such as the top stablecoin Tether represent a “direct threat” to central bank digital currencies and cannot avoid regulatory scrutiny.

The billionaire believes the "Tether FUD" will affect Bitcoin and Ethereum.

 

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