Former Microstrategy CEO and Bitcoin bull Michael Saylor believes the fallout of FTX could actually benefit Bitcoin and spark further growth in the crypto industry.

Saylor, who joined CNBC's ‘Squawk on the Street’ last week, said the turbulence and market volatility will benefit Bitcoin and a “handful” of other coins as it will eliminate thousands of useless cryptocurrencies. 

“If there is a progressive regulation, then I think you’ll see, you won’t see 20,000 tokens, you’ll see a handful, dozens, but they’ll be properly registered tokens. The industry is going to grow much more rapidly," he said. 

( By Ruholamin Haqshanas)