Michael Saylor says Bitcoin dominance is headed for 80% in the long run

Bitcoin’s (BTC) dominance is about to succeed in 80% in the long run as regulators crack down on different belongings, MictraStrategy co-founder Michael Saylor informed Bloomberg TV on June 13. MicroStrategy is the biggest public holder of BTC.

At present, Bitcoin’s crypto market dominance is round 48%, that means BTC accounts for almost half of the over $1 trillion market, per StarCrypto knowledge.

Saylor stated:

“MicroStrategy’s view since 2020 has been that the one institutional-grade investable asset within the crypto house is Bitcoin. Bitcoin is the universally, globally-acknowledged digital commodity on this business.”

Saylor believes regulators don’t see a “reputable path ahead” for stablecoins, crypto securities, and crypto derivatives. This month, the U.S. Securities and Alternate Fee (SEC) designated 19 crypto belongings as securities in its lawsuits towards Binance and Coinbase.

U.S. regulators have a view of crypto exchanges that’s “far constrained,” Saylor stated. As per the regulators, exchanges ought to solely commerce and maintain “pure digital commodities” like Bitcoin, he stated, including:

“So, your complete business is sort of destined to be rationalized all the way down to a Bitcoin-focussed business with half a dozen to a dozen different proof-of-work tokens.”

There are over 25,000 tokens tracked throughout StarCrypto, CoinMarketCap, and CoinGecko, and Saylor stated that the abundance of cryptocurrency tokens had created confusion within the business. Most of those tokens have been attempting to place themselves because the “subsequent Bitcoin or higher Bitcoin,” Saylor stated.

However as regulators crack down on tokens, buyers will understand that solely “Bitcoin is the following Bitcoin,” Saylor remarked. Due to this fact, he predicted that the Bitcoin worth is about to extend. He said:

“The following logical step is for Bitcoin to 10x from right here, after which 10x once more.”

Saylor additionally communicated that he sees a number of bullish indicators for Bitcoin on the horizon. The change in accounting requirements, the upcoming Bitcoin halving, the explosion of hash charge, and the “readability” that has come from the SEC’s current strikes are “laying the muse for the following bull run.”

U.S. crypto exchanges shall be ‘wonderful’ specializing in simply Bitcoin

Saylor stated that “mega institutional cash” will not be presently flowing into the crypto house resulting from “confusion and nervousness.” He believes that when this confusion and nervousness goes away with regulatory readability, institutional cash will flood the house.

Ultimately, U.S. crypto exchanges will understand that Bitcoin is the “actually dominant asset.” With Bitcoin’s worth growing ten-fold, the enterprise mannequin of the exchanges “shall be simply wonderful” whereas focusing solely on Bitcoin, he added.

Equally, crypto exchanges have a “huge want” to assist folks and establishments purchase, promote, and maintain Bitcoin. This want will not be “going away,” Saylor stated. Actually, he thinks it will likely be a “nice enterprise” for the exchanges.