Crypto Industry ‘Destined’ To Be BTC-Focused Due To Regulators: Michael Saylor

Enforcement action by regulators in the United States on cryptocurrency firms could result in a Bitcoin (BTC)-centric industry that would push its price past $250,000, according to MicroStrategy co-founder Michael Saylor.

13 June in Bloomberg InterviewBitcoin bulls explain the recent enforcement actions of the Securities and Exchange Commission (SEC) will ultimately play in favor of bitcoin – the only crypto excluded from being a security by SEC Chairman Gary Gensler.

Saylor said that US regulators “do not see a legitimate path forward for cryptocurrencies” and that “they have no love” for stablecoins, crypto-tokens or crypto-based derivatives.

Saylor said that crypto exchanges will be the catalyst behind the significant price increase:

“(The SEC) is of the view that crypto exchanges should trade and hold pure digital commodities like bitcoin and therefore is destined to rationalize the entire industry to a bitcoin-centric industry, perhaps half a dozen to a dozen other jobs. With proof of token.

“The next logical step is for bitcoin to go 10x from here and then 10x again,” he claimed.

regulatory clarity is going to drive #bitcoin Adoption by removing confusion and anxiety holding back institutional investors. As bitcoin’s dominance continues to grow #crypto Industry rationalizes around $BTC and goes mainstream. pic.twitter.com/Foq4lpderj

— Michael Saylor ⚡️ (@saylor) June 13, 2023

Saylor noted that bitcoin’s market share increase from 40% to 48% in 2023 can be attributed to the SEC’s enforcement activity now labeling 68 cryptocurrencies as securities — none of which Not proof-of-work.

In the future, Saylor believes that this dominance will increase to 80% as “mega institutional money” will flow into crypto once the “confusion and anxiety” over crypto has disappeared.

However, Saylor and other bitcoin-focused advocates have faced considerable criticism.

Anthony Sassano, host of The Daily GVE, recently called out “Bitcoiners” who are happy to see the SEC file lawsuits against Coinbase and other exchanges that list tokens considered by the SEC to be unregistered securities.

It is incredibly embarrassing to see how many bitcoiners who self-identify as “cypherpunks” are absolutely salivating over the fact that the SEC is going after Coinbase.

No company in this industry has done more to drive bitcoin adoption than Coinbase.

— sassal.eth (@sassal0x) June 7, 2023

Ethereum-based wallet MetaMask and many others also believe that a “multichain future” is inevitable as different blockchains serve different purposes.

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Mike McGlone, senior macro strategist at Bloomberg Intelligence, reported in early May that a “deflationary bust” is affecting commodity markets and bank deposits – and crypto could be the next domino to fall.

Crypto could be the next asset to fall in deflation dominoes – it’s been a year of rebounds for everything that fell in 2022, as well #crypto High-beta tops performers, but could fuel a deflationary bust as seen in dive #Goods and bank deposits pic.twitter.com/H871jqA5xc

— Mike McGlone (@MikeMcGlone11) May 3, 2023

In January, economist Lynn Alden told Cointelegraph that there is “considerable risk ahead” for bitcoin in the second half of 2023, adding that significant liquidity will drain out of the markets when the US resolves its debt issue:

“At that point, both Treasuries and the Fed will be sucking liquidity out of the system, and this will create a vulnerable time for risk assets in general, including BTC.”

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