Bitcoin’s dominance will soon skyrocket: Michael Saylor
- Bitcoin’s market share will nearly double, according to Michael Saylor of MicroStrategy Inc.
- In an interview, the Bitcoin bull stated that SEC’s recent enforcement steps will ultimately benefit Bitcoin.
According to Michael Saylor of MicroStrategy Inc, Bitcoin’s market share will nearly double as more investors turn to the original digital asset and regulators continue to crack down on the industry.
The Bitcoin bull claimed in a June 13 interview with Bloomberg that recent enforcement measures by the Securities and Exchange Commission (SEC) will ultimately work in Bitcoin’s favor. This was because BTC was the only cryptocurrency that SEC chief Gary Gensler excluded from the definition of a security.
According to CoinMarketCap, Bitcoin currently represents approximately 48% of the $1 trillion market value of cryptocurrencies. As other coins are deemed securities by regulators and their use is curtailed, BTC’s market share will increase to 80%, Saylor said in an interview with Bloomberg Television.
Saylor co-founded the enterprise software company MicroStrategy, which has become the biggest public cryptocurrency holder.
Why Does Saylor Say So?
U.S. regulators, Saylor continued, “don’t see a legitimate path forward for cryptocurrencies” and “they don’t have any love” for stablecoins, crypto-tokens, or cryptocurrency-based derivatives.
Saylor predicted that the large price increase will be sparked by cryptocurrency exchanges. He said:
“[The SEC’s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens.”
Saylor pointed out that the SEC’s enforcement activity and the fact that it has already classified 68 cryptocurrencies as securities—none of which are proof-of-work—may be partly responsible for Bitcoin’s market share climb from 40% to 48% in 2023.
Saylor predicts that once “mega institutional money” enters the cryptocurrency market and “confusion and anxiety” surrounding it vanishes, this dominance will rise to 80%.
However, Saylor and other proponents of Bitcoin have come under harsh fire. The Daily Gwei presenter Anthony Sassano recently called out “Bitcoiners” who were happy to see the SEC sue Coinbase and other exchanges.
Significant time for Crypto Exchanges
The anticipated surge in Bitcoin popularity will have a significant influence on cryptocurrency exchanges. Saylor believes that the exponential rise in Bitcoin’s value will protect these sites’ financial viability, despite any challenges brought on by stricter legislation.
This optimistic forecast is predicated on the premise that institutional investors would flock to Bitcoin at an increasing rate as regulatory certainty grows. This would culminate in a surge in trading volumes and transaction activity.
While it was worth noting that Bitcoin’s dominance is expected to double as regulatory clarity improves, it is uncertain whether other variables may potentially influence market dynamics.