Crypto industry 'destined' to be BTC-focused due to regulators: Michael Saylor
Enforcement actions on cryptocurrency firms by regulators in the United States could result in a Bitcoin (BTC)-focused industry that will push its price over $250,000, according to MicroStrategy co-founder Michael Saylor.
In a June 13 Bloomberg interview, the Bitcoin bull explained recent enforcement actions from the Securities and Exchange Commission (SEC) will eventually play in Bitcoin’s favor — the only crypto excluded from being a security by SEC chair Gary Gensler.
Saylor added U.S. regulators "don't see a legitimate path forward for cryptocurrencies" adding "they don't have any love" for stablecoins, crypto-tokens or crypto-based derivatives.
Saylor said crypto exchanges would be the catalysts behind the significant price surge:
“[The SEC’s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens.”“The next logical step is for Bitcoin to 10x from here and then 10x again,” he claimed.
Regulatory clarity is going to drive #Bitcoin adoption by eliminating the confusion & anxiety that has been holding back institutional investors. Bitcoin dominance will continue to grow as the #Crypto industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj
— Michael Saylor⚡️ (@saylor) June 13, 2023Saylor noted Bitcoin’s market share increased from 40% to 48% in 2023 which may be attributed in part to the SEC’s enforcement activity and having now labeled 68 cryptocurrencies as securities — none of which are proof-of-work.
In the future, Saylor believes this dominance will increase to 80% as “mega institutional money” will flow into crypto after “confusion and anxiety” over crypto disappears.
Saylor and other Bitcoin-centric advocates have been met with considerable criticism, however.
Anthony Sassano, host of The Daily Gwei recently called out “Bitcoiners” that are pleased to see the SEC file lawsuits against Coinbase and other exchanges that list tokens considered to be unregistered securities by the SEC.
Incredibly embarrassing to see how many Bitcoiners who self-identify as "cypherpunks" 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, 2023Ethereum-based wallet MetaMask and many others also believe a “multichain future” is inevitable because different blockchains serve different purposes.
Related: Bitcoin price can ‘easily’ hit $20K in next 4 months — Philip Swift
Mike McGlone, senior macro strategist at Bloomberg Intelligence explained in early May that a “deflationary bust” is impacting the commodities market and bank deposits — and that crypto may be the next domino to fall.
Cryptos Could Be the Next Assets to Drop in Deflation Dominoes - It's been a year of rebounds for just about everything that fell in 2022, with #cryptos tops among high-beta performers, but a deflationary bust may be gaining fuel as seen in plunging #commodities and bank deposits pic.twitter.com/H871jqA5xc
— Mike McGlone (@mikemcglone11) May 3, 2023In January, economist Lyn Alden told Cointelegraph there is “considerable danger ahead” for Bitcoin in the second half of 2023, stating that when the U.S. resolves its debt issue, significant liquidity will be pulled out of markets:
“At that point, both the Treasury and Fed will be sucking liquidity out of the system, and that would create a vulnerable time for risk assets in general, including BTC.”Magazine: $3.4B of Bitcoin in a popcorn tin — The Silk Road hacker’s story