In a recent interview with Bloomberg TV, Michael Saylor, the co-founder of MicroStrategy, the largest public holder of Bitcoin (BTC), shared his belief that Bitcoin’s dominance in the cryptocurrency market will reach 80% in the long term. Saylor attributed this projection to regulatory crackdowns on other crypto assets, stating that Bitcoin is the only institutional-grade investable asset in the industry.
Saylor expressed the view that regulators do not perceive a viable future for stablecoins, crypto securities, and crypto derivatives. Notably, the U.S. Securities and Exchange Commission (SEC) has classified 19 crypto assets as securities in lawsuits against major exchanges like Binance and Coinbase.
According to Saylor, U.S. regulators have a limited perspective on crypto exchanges, advocating for them to exclusively trade and hold “pure digital commodities” such as Bitcoin. He suggested that the entire cryptocurrency industry is poised to be rationalized and streamlined towards Bitcoin and a select few other proof-of-work tokens.
The vast number of tokens currently available in the market, exceeding 25,000 according to tracking platforms like CryptoSlate, CoinMarketCap, and CoinGecko, has created confusion within the industry. Saylor emphasized that many tokens have attempted to position themselves as the “next Bitcoin” or a superior alternative, but regulatory actions will eventually lead investors to recognize that “Bitcoin is the next Bitcoin.”
Given this sentiment, Saylor predicted a substantial increase in Bitcoin’s price, stating, “The next logical step is for Bitcoin to 10x from here, and then 10x again.”
Saylor also highlighted several bullish indicators for Bitcoin in the near future. These include accounting standard changes, the upcoming Bitcoin halving, the exponential growth of hash rate, and the regulatory “clarity” emerging from recent SEC actions. He believes that the current lack of significant institutional investment in the crypto space is a result of confusion and anxiety, which will subside once regulatory clarity is achieved, leading to a flood of institutional money into Bitcoin.
Furthermore, Saylor expressed confidence in the sustainability of crypto exchanges, as he believes they will realize Bitcoin’s dominance and adjust their business models accordingly. With Bitcoin’s price projected to increase ten-fold, he expects exchanges to thrive by focusing primarily on Bitcoin.
Saylor concluded by stating that the demand for crypto exchanges to facilitate the buying, selling, and holding of Bitcoin is substantial and enduring. He expressed confidence that serving this need will continue to be a “great business” for exchanges.
As the crypto market faces increasing regulatory scrutiny, Saylor’s optimistic outlook for Bitcoin’s dominance and price suggests that the leading cryptocurrency may experience significant growth and solidify its position as the primary digital asset in the industry.
