Bitcoin Bull Michael Saylor Compares Buying Dogecoin to Gambling in Vegas

    Alex Dovbnya

    MicroStrategy’s Michael Saylor believes that it’s OK to gamble on Dogecoin as long as you don’t impoverish your family

    In a July 3 interview with NorthmanTrader’s Sven Henrich, MicroStrategy CEO Michael Saylor drew parallels between buying Dogecoin and playing Russian roulette in Las Vegas:    

    I’m gonna buy Dogecoin before Elon Musk goes on Saturday Night Live. I’m gonna go to Vegas and I’m going to bet on black.

    That said, the billionaire believes that it’s not unethical to gamble on meme stocks or meme cryptocurrencies as long as you don’t impoverish your family:

    We shouldn’t tell adults they can’t. If they wanna gamble on sports outcomes or if they wanna gamble in Vegas, or if they wanna gamble on a meme…As long it’s in your gambling bucket and you’re not going to impoverish your family.       

    Saylor claims that those who put money into promising companies or cryptocurrencies with use cases actually make an investment.

    Regulatory risks

    The MicroStrategy boss also says that regulatory uncertainly is an “overhang” for the entire cryptocurrency market:

    I think that the market would be bigger without it.

    He thinks that decentralized exchanges and decentralized applications present the biggest regulatory risk because they are “very ambitious”: 

    If the regulators are not pleased with exchanges offering Bitcoin and Ethereum futures in London right now, they are definitely not going to be pleased with DeFi exchanges offering Bitcoin/Ethereum futures.    

    Decentralized private currencies of the likes of leading stablecoin Tether pose a “direct threat” to central bank digital currencies, according to Saylor, which is why they will not be able to escape regulatory scrutiny.

    The billionaire expects the “Tether FUD” to have a ripple effect on Bitcoin and Ethereum.

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