During a Bloomberg interview on June 13, 2023, Michael Saylor, co-founder of MicroStrategy, shared his belief that recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) will ultimately benefit Bitcoin. Saylor suggested that increased regulatory scrutiny of cryptocurrency companies in the United States could lead to the emergence of a Bitcoin-centric industry and drive its price to exceed $250,000.
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, 2023
According to Saylor, Bitcoin is the only institutional-grade investable asset in the crypto space. He emphasized that U.S. regulators do not envision a viable future for other cryptocurrencies, stablecoins, or crypto-based derivatives, and they “don’t have any love” for them.
The U.S. SEC’s view, as per Saylor, is that crypto exchanges should primarily focus on trading and holding pure digital commodities like Bitcoin. Consequently, he believes that the entire industry is likely to undergo a rationalization process that will ultimately result in a focus on Bitcoin and a select few other proof-of-work tokens.
Saylor predicts that Bitcoin will undergo significant growth and multiply its current value by ten and then repeat this tenfold increase. He pointed out that Bitcoin’s market share has already expanded from 40% to 48% in 2023, possibly driven by the SEC’s enforcement actions and the classification of 68 cryptocurrencies as securities, none of which rely on the Proof-of-Work consensus mechanism.
Saylor also expects Bitcoin’s dominance to reach 80% as “mega institutional money” enters the crypto market after concerns and uncertainties surrounding cryptocurrencies are resolved.
Saylor has become a prominent advocate of Bitcoin, spearheading the movement for companies to embrace the leading cryptocurrency as a strategic asset. He consistently highlights Bitcoin’s unmatched security and dependability as a store of value and its potential to shield corporate assets from the effects of inflation.
In April 2023, Saylor announced on Twitter that his company, MicroStrategy had acquired 1,045 Bitcoin (BTC) at an average price of $28,016 per BTC. With this purchase, MicroStrategy now holds a total of 140,000 BTC, valued at approximately $4.17 billion. MicroStrategy’s active pursuit of Bitcoin as a reserve asset is notable as it underscores its commitment and bet on the cryptocurrency’s growth.
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