Bitcoin (BTC) dominance set to achieve 80% long-term as regulators crack down on different belongings, MictraStrategy co-founder Michael Saylor mentioned Bloomberg TV on June 13. MicroStrategy is the biggest public BTC holder.
At the moment, Bitcoin’s crypto market dominance is round 48%, which implies BTC accounts for almost half of the $1 trillion-plus market, per forexcryptozone knowledge.
saylor mentioned:
“MicroStrategy’s view since 2020 has been that the one institutional grade investable asset within the crypto area is Bitcoin. Bitcoin is the universally acknowledged digital commodity worldwide on this business.
Saylor thinks regulators do not see a “professional path” for stablecoins, crypto securities, and crypto derivatives. This month, the U.S. Securities and Trade Fee (SEC) designated 19 crypto belongings as securities in its lawsuits towards Binance and Coinbase.
US regulators have a view of crypto exchanges that’s “very restricted,” Saylor mentioned. In keeping with regulators, exchanges ought to solely commerce and maintain “pure digital commodities” like Bitcoin, he mentioned, including:
“So the entire business is type of destined to be streamlined right into a bitcoin-centric business with half a dozen to a dozen different proof-of-work tokens.”
There are over 25,000 tokens tracked throughout forexcryptozone, CoinMarketCap and CoinGecko, and Saylor mentioned the abundance of cryptocurrency tokens has triggered confusion within the business. Most of those tokens tried to place themselves because the “subsequent bitcoin or finest bitcoin,” Saylor mentioned.
However as regulators crack down on tokens, traders will understand that solely “Bitcoin is the subsequent Bitcoin,” Saylor remarked. Subsequently, he predicted that the worth of Bitcoin would rise. He acknowledged:
“The subsequent logical step is for Bitcoin to be 10x from right here after which 10x once more.”
Saylor additionally indicated that he sees some bullish indicators for Bitcoin on the horizon. The change in accounting requirements, the upcoming Bitcoin halving, the hash fee explosion, and the “readability” coming from latest SEC actions “lay the groundwork for the subsequent bull run.”
US Crypto Exchanges Will Be “Tremendous” Focusing Solely on Bitcoin
Saylor mentioned “mega institutional cash” is just not at the moment flowing into the crypto area attributable to “confusion and nervousness”. He believes that when this confusion and nervousness clears with regulatory readability, institutional cash will flood the area.
Ultimately, US crypto exchanges will understand that Bitcoin is “the really dominant asset.” With the worth of Bitcoin rising tenfold, the exchanges’ enterprise mannequin will “go very effectively” whereas focusing solely on Bitcoin, he added.
Likewise, crypto exchanges have a “large want” to assist individuals and establishments purchase, promote, and maintain Bitcoin. That want is not “going away,” Saylor mentioned. Actually, he thinks will probably be a “whole lot” for buying and selling.
