Crypto Industry Destined to Focus on Bitcoin After SEC Actions: Michael Saylor, Founder of MicroStrategy

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Founder and executive chairman of business intelligence firm MicroStrategy (MSTR), Michael Saylor, said recent enforcement actions by US regulators have made it clear that the crypto industry is destined to be streamlined until further notice. to a bitcoin (BTC) driven industry.

“MicroStrategy’s view since 2020 is that the only institutional-grade asset is bitcoin,” Saylor said in an interview with Bloomberg on Tuesday. “It’s pretty clear that regulators don’t see a legitimate path for cryptocurrencies…And so the whole industry is sort of destined to be streamlined down to a bitcoin-focused industry with maybe a half- dozen to dozen other evidence of work tokens.”

Last week, the United States Security and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase, the two largest crypto exchanges by market capitalization. A total of 19 tokens were mentioned in the filings. Bitcoin is not one of them. Previously, SEC Chairman Gary Gensler said bitcoin (BTC) is a commodity.

Saylor’s MicroStrategy started buying bitcoin in 2020 while calling the cryptocurrency a million times better store of value than gold. The company now holds around 140,000 bitcoins worth around $4 billion. In March 2023, Saylor lost a bid to dismiss claims that he failed to pay personal income taxes, interest, and penalties owed for Washington, D.C. However, the court dismissed claims that Saylor and MicroStrategy had conspired to violate the law.

Saylor said that since 25,000 other cryptocurrencies (approximately) seek to position themselves as bitcoin or better bitcoin, the public now understands that bitcoin is the next bitcoin. He said the “next logical step” is for bitcoin to multiply its value 10 times to reach $250,000.

“Eventually, I’m confident that crypto exchanges will eventually realize that bitcoin really is the dominant asset in this space, and that their business models are good when bitcoin goes up by a factor of 10,” Saylor said.

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Read more: MicroStrategy founder Michael Saylor loses court bid to dismiss DC tax evasion claims

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