Bitcoin’s Price Could Increase 10 Times : Michael Saylor
The executive chairman of MicroStrategy, Michael Saylor, believes that the pressure from the US SEC’s regulations may actually increase the value of Bitcoin and make it more prominent than other cryptocurrencies.
Some altcoins may be deemed securities and taken off exchanges, according to projections. According to Saylor, Bitcoin (BTC) is anticipated to be spared from this and may potentially see an increase in market share to 80%.
The strong advocate for cryptocurrency believes that the legal actions taken by the US Securities and Exchange Commission (SEC) against Binance and Coinbase could benefit Bitcoin. In a recent interview with Bloomberg, Saylor expressed his belief that if the regulator continues to target other companies in the industry, it could attract more investors to Bitcoin and potentially drive up its price.
In his opinion, only Bitcoin (BTC) and a select few other digital currencies will be classified as commodities by the government, with the majority being classified as securities.
“The entire industry is kind of destined to be rationalized down to bitcoin and a half dozen to a dozen other proof-of-work tokens,” Saylor said.
The leading digital asset could become much more appealing to investors, which could increase its market dominance from 48% to 80%.
Saylor remains optimistic about Bitcoin’s price, predicting it will surpass $250,000 and then increase by ten times.
Over the past few years, MicroStrategy’s executive chairman has been consistently optimistic about Bitcoin (BTC). In June last year, he even stated that BTC is a superior financial tool compared to gold and predicted that its price could potentially reach millions.
During the FTX meltdown, he strongly supported bitcoin, saying it’s transparent and will come out as a “winner” since it’s like a “digital commodity.”
BTC Gaining Momentum
Compared to other cryptocurrencies, Bitcoin has grown in dominance over the past few months. Its dominance has risen to 47.6%, according to CoinMarketCap, the highest level since the spring of 2021.
In early 2017, Bitcoin had a dominant position in the cryptocurrency market, accounting for about 80% of the total market value. However, over the years, other cryptocurrencies like Ether (ETH), Tether (USDT), Binance Coin (BNB), Ripple (XRP), and more became popular and reduced Bitcoin’s dominance.
