Crypto industry ‘destined’ to be BTC-focused due to regulators: Michael Saylor

Regulatory enforcement actions against cryptocurrency companies in the U.S. could lead to a Bitcoin (BTC)-oriented sector that would propel its price beyond $250,000, according to Michael Saylor, co-founder of MicroStrategy.

In a June 13 interview with Bloomberg, the Bitcoin proponent asserted that the enforcement measures taken by the Securities and Exchange Commission would eventually work to Bitcoin’s advantage – the only cryptocurrency that SEC Chair Gary Gensler has excluded from being classified as a security.

Saylor remarked that American regulators “do not view cryptocurrencies as having a viable future,” and that “they do not have any affection” for stablecoins, crypto-tokens, or crypto-based derivatives.

Saylor asserted that crypto exchanges would be the driving force behind the substantial price increase.

He asserted that the next sensible progression would be for Bitcoin to increase tenfold from its current level, and then do so again.

Saylor observed that Bitcoin’s market share rose from 40% to 48% in 2023, which could be partially due to the SEC’s enforcement actions and the classification of 68 digital currencies as securities, none of which are based on the proof-of-work system.

Saylor expects that in the future, crypto will take an even larger market share of 80%, once the uncertainty and apprehension surrounding it dissipates and “mega institutional money” starts to flow in.

Despite this, Saylor and other Bitcoin-centric advocates have received a lot of criticism.

Anthony Sassano, the presenter of The Daily Gwei, recently criticized “Bitcoiners” who are satisfied with the SEC litigations against Coinbase and other trading platforms that offer tokens that the agency regards as unregistered securities.

The creators of the Ethereum-based MetaMask wallet and many others are of the opinion that a “multichain future” is unavoidable, as different blockchains have distinct purposes.

Philip Swift believes that the Bitcoin price could reach $20K in the next four months with relative ease.

Mike McGlone, a senior macro strategist at Bloomberg Intelligence, declared in early May that a deflationary bust is having an effect on the commodities market and bank deposits, and that cryptocurrency could be the next to be affected.

In January, economist Lyn Alden warned Cointelegraph that Bitcoin could face “considerable danger” in the latter half of 2023, noting that when the U.S. resolves its debt issue, a significant amount of liquidity will be taken out of the markets.

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