MicroStrategy CEO Michael Saylor believes that regulatory pressure coming from the US Securities and Exchange Commission could be a bullish factor for Bitcoin’s price and increase its dominance over other digital assets.
The American predicted that many altcoins would be considered securities and that exchanges would delete them. Saylor added that BTC will be among the few that will be avoided, while its market share dominance could rise to 80%.
Bitcoin is a “vector” for success
Michael Saylor, one of the staunchest proponents of the primary cryptocurrency, believes that the lawsuits filed by the US Securities and Exchange Commission against Binance and Coinbase could have a positive effect on the dominance of bitcoin and its price. at recent days interview As for Bloomberg, the American said he expects investors to increase their interest in the asset if the regulator continues its crackdown on the rest of the industry.
According to him, most cryptocurrency securities will be publicized by the agency, while BTC and “dozens of other assets” could remain the only ones with commodity status.
“The whole industry is kind of destined to rationalize down to bitcoin and half a dozen to a dozen other PoW tokens,” Saylor said.
As a result, leading digital assets could become more attractive to investors, pushing their market dominance from the current 48% to 80%.
True to himself, Saylor made another bullish prediction for Bitcoin’s price, seeing its valuation soar to more than $250,000 and then shooting back tenfold.
The CEO of MicroStrategy shared several bullish predictions on BTC over the past few years. He described the asset as a better financial instrument than gold in June last year, Argues Its price can go up to “millions”.
He remained a staunch supporter during the collapse of FTX, claim That bitcoin is completely transparent and will emerge as the “winner” because it is a “digital good.”
BTC dominance is at a two-year high
Bitcoin’s dominance over altcoins has gradually increased in the past several months. The latest data (provided by CoinMarketCap) shows that it has reached 47.6%, a number last seen in the spring of 2021.
The last time Bitcoin dominance settled at Saylor’s future target of 80% was at the start of 2017. In the following years, though, Ether (ETH), Tether (USDT), Binance Coin (BNB), Ripple (XRP), and more It gained traction and reduced the BTC dominance.
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