According to Michael Saylor, co-founder of MicroStrategy, regulatory actions taken against digital asset firms in the United States may lead to the emergence of a bitcoin-centric industry, ultimately driving its price beyond $250,000.
In an interview with Bloomberg on June 13, Saylor, a strong advocate for bitcoin, elaborated on how recent enforcement measures by the Securities and Exchange Commission (SEC) would ultimately benefit bitcoin, as it is the only digital asset exempted from being classified as a security by SEC Chair Gary Gensler.
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According to Saylor, U.S. regulators hold a negative stance towards altcoins and do not envision a viable future for them.
He emphasized that they harbor no affinity for stablecoins, crypto-tokens, or crypto-based derivatives. Saylor further noted that the catalysts driving the substantial price surge would be the situation with the digital asset exchanges.
He added:
“[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. The next logical step is for Bitcoin to 10x from here and then 10x again”.
According to Saylor, the market share of bitcoin has risen from 40% to 48% in 2023. This increase can be partly attributed to the Securities and Exchange Commission’s enforcement actions and their classification of 68 digital asset as securities, none of which utilize proof-of-work.
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Looking ahead, Saylor anticipates that bitcoin’s dominance will further grow to 80% as “mega institutional money” enters the space, and the prevailing “confusion and anxiety” surrounding bitcoin subsides.
