Crypto industry ‘destined’ to focus on BTC due to regulators: Michael Saylor

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According to MicroStrategy co-founder Michael Saylor, enforcement actions on cryptocurrency companies by regulators in the United States could lead to a Bitcoin (BTC)-focused industry that will push its price higher. of $250,000.

In a Bloomberg interview on June 13, Bitcoin bull explained that recent Securities and Exchange Commission (SEC) enforcement actions will ultimately work in favor of Bitcoins, the only crypto excluded from being a security by the President. of the SEC, Gary Gensler.

Saylor added that US regulators “don’t see a legitimate path for cryptocurrencies,” adding “they have no love” for stablecoins, crypto-tokens, or crypto-based derivatives.

Saylor said that crypto exchanges would be the catalysts for the big price surge:

[The SECs] The view is that crypto exchanges should trade and hold pure digital commodities like bitcoin and so the whole industry is kind of destined to be streamlined down to a bitcoin focused industry with maybe half a dozen to a dozen other proof-of-work tokens.

The next logical step is for Bitcoin to be 10x from here and then 10x again, he claimed.

Saylor noted Bitcoin’s market share has grown from 40% to 48% in 2023, which can be attributed in part to SEC enforcement activity and having now tagged 68 cryptocurrencies. as titles, none of which are proof of work.

Going forward, Saylor believes this dominance will increase to 80% as mega institutional money pours into crypto after the confusion and anxiety over crypto subsides.

However, Saylor and other bitcoin-centric advocates have come under considerable criticism.

Anthony Sassano, host of The Daily Gwei recently called out Bitcoiners who are excited to see the SEC take legal action against Coinbase and other exchanges that list tokens considered non-SEC registered securities.

Ethereum-based wallet MetaMask and many others also believe that a multi-chain future is inevitable because different blockchains serve different purposes.

Related: Bitcoin Price Can Easily Hit $20,000 Over Next 4 Months Philip Swift

Mike McGlone, senior macro strategist at Bloomberg Intelligence, explained in early May that a deflationary plunge is impacting the commodity market and bank deposits and that crypto could be the next domino to fall.

In January, economist Lyn Alden told Cointelegraph that there was considerable danger for Bitcoin in the second half of 2023, stating that when the United States solved its debt problem, significant liquidity would be withdrawn from the markets:

At this point, the Treasury and the Fed will suck liquidity from the system, which would create a vulnerable period for risky assets in general, including BTC.

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