Crypto industry destined to be BTC-centric 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, the Bitcoin bull explained that the Securities and Exchange Commission’s recent enforcement actions will ultimately work in favor of Bitcoin, the only crypto excluded from being a security by the SEC Chairman. , Gary Gensler.

Saylor added that US regulators don’t see a legitimate path for cryptocurrencies, adding that they don’t like 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.

Regulatory clarity will drive #Bitcoin adoption by eliminating the confusion and anxiety that has held back institutional investors. Bitcoin’s dominance will continue to grow as the #Crypto industry rationalizes around $BTC and becomes mainstream. pic.twitter.com/Foq4lpderj

Michael Saylor (@saylor) June 13, 2023

Saylor noted that Bitcoin’s market share has grown from 40% to 48% in 2023, which can be attributed in part to SEC enforcement activity and the agency qualifying 68 cryptocurrencies as securities. 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 file lawsuits against Coinbase and other exchanges that list tokens the agency considers unregistered securities.

Incredibly embarrassing how many self-identifying “cypherpunk” Bitcoiners are absolutely salivating at the fact that the SEC is going after Coinbase.

No company in this industry has done more for Bitcoin adoption than Coinbase.

sassal.eth (@sassal0x) June 7, 2023

The team behind the Ethereum-based MetaMask wallet 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.

Cryptos could be next asset to drop in deflation dominoes – It’s been a year of rebounds for just about everything that fell in 2022, with #cryptos leading among high beta players, but a deflationary bust can earn fuel as seen by diving #commodities and bank deposits pic.twitter.com/H871jqA5xc

Mike McGlone (@mikemcglone11) May 3, 2023

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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