Renowned for his bullish stance on Bitcoin, Michael Saylor, the co-founder of MicroStrategy, predicts that the crypto industry will inevitably shift its focus toward Bitcoin. In an interview with Bloomberg, Saylor shared his belief that Bitcoin is the sole major cryptocurrency that has escaped being classified as a security by the US Securities and Exchange Commission (SEC). Consequently, he argues that the regulatory landscape will steer the industry toward a Bitcoin-centric future.
Industry Consolidation: Michael Saylor Predicts Crypto Exchanges to Focus on Bitcoin
Saylor emphasizes that the SEC’s perspective suggests that crypto exchanges should exclusively handle and trade pure digital commodities such as Bitcoin. As a result, he foresees the industry consolidating around Bitcoin, with only a small number of other proof-of-work tokens remaining relevant. Saylor further projects that Bitcoin’s price will experience significant surges in the near term due to increased activity on cryptocurrency exchanges, with a potential 10x increase followed by another 10x increase. While Bitcoin’s market dominance started the year at 40%, it has recently climbed above 47% as a result of the market rally witnessed in recent months. Saylor anticipates that this dominance will eventually reach 80%, as institutional funds enter the market once the prevailing confusion and anxiety surrounding cryptocurrencies dissipate. Despite the ongoing bear market, MicroStrategy continues to acquire more bitcoins. In March, the company invested $150 million to purchase 6,455 bitcoins, bringing its total holdings to over 138,900 bitcoins. However, at the time of writing, Bitcoin’s performance in recent days has been lackluster, with its price currently standing at $26,001, reflecting a decline of over 3% over the past week.
On a broader scale, the total market capitalization of the cryptocurrency market has experienced growth since the beginning of the year. Starting above $700 billion, it has now surpassed the $1 trillion mark.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments. This is a news article only.
