Michael Saylor says Bitcoin dominance is heading towards 80% in the long term

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Bitcoin (BTC) dominance is expected to reach 80% in the long term as regulators crack down on other assets, MictraStrategy co-founder Michael Saylor told Bloomberg TV on June 13. MicroStrategy is the largest public BTC holder.

Currently, Bitcoin crypto market dominance is around 48%, which means that BTC accounts for nearly half of the $1 trillion+ market, according to data from CryptoSlate.

saylor said:

MicroStrategys’ view as of 2020 is that the only institutional-grade investable asset in the crypto space is Bitcoin. Bitcoin is the universally recognized digital commodity worldwide in this industry.

Saylor thinks regulators don’t see a legitimate path for stablecoins, crypto securities, and crypto derivatives. This month, the U.S. Securities and Exchange Commission (SEC) designated 19 crypto assets as securities in its lawsuits against Binance and Coinbase.

US regulators have a very limited view of crypto exchanges, Saylor said. According to regulators, exchanges should only trade and hold pure digital products like Bitcoin, he said, adding:

So the whole industry is kind of destined to be streamlined into a bitcoin-focused industry with half a dozen to a dozen other proof-of-work tokens.

There are over 25,000 tokens tracked on CryptoSlate, CoinMarketCap, and CoinGecko, and Saylor said the abundance of cryptocurrency tokens has caused confusion in the industry. Most of these tokens tried to position themselves as the next bitcoin or better bitcoin, Saylor said.

But as regulators crack down on tokens, investors will realize that only Bitcoin is the next Bitcoin, Saylor remarked. Therefore, he predicted that the price of Bitcoin would rise. He stated:

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

Saylor also indicated that he sees some bullish signs for Bitcoin on the horizon. The change in accounting standards, the upcoming Bitcoin halving, the hash rate explosion, and the clarity that has come from recent SEC moves are setting the stage for the next bull run.

US Crypto Exchanges Will Be Fine Focusing Only on Bitcoin

Saylor said mega institutional money is not currently flowing into the crypto space due to confusion and anxiety. He believes that when this confusion and anxiety clears with regulatory clarity, institutional money will flood the space.

Eventually, US crypto exchanges will realize that Bitcoin is the truly dominant asset. With the price of bitcoin having increased tenfold, the exchanges business model will do just fine while focusing only on bitcoin, he added.

Likewise, crypto exchanges have a huge need to help people and institutions buy, sell, and hold Bitcoin. That need isn’t going away, Saylor said. In fact, he thinks it will be a great deal for trading.

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