The U.S. Securities and Exchange Commission’s Binance and Coinbase lawsuits continue to have an impact on the crypto market. Especially the crypto money projects mentioned in these cases have been hit hard. However, the leading crypto Bitcoin retained the $25,000 support despite falling. This is based on the assumption that the SEC will not call PoW tokens ‘securities’. In this uncertain environment, crypto billionaire Michael Saylor seems quite confident in the future of Bitcoin.
The only asset worth investing in the crypto space is Bitcoin!
cryptocoin.comAs you’ve followed, the crypto market has seen a steep decline with the SEC’s move. In addition, the ‘securities’ debate around the projects flared up. On the other hand, there are projects that take advantage of it. Naturally, Bitcoin, the leader of PoW tokens, is one of them. MicroStrategy Inc. Michael Saylor of his company also thinks this is an advantage. In this context, according to Saylor, Bitcoin’s dominance in the cryptocurrency markets will almost double as more investors turn to the original digital asset and regulators continue to put pressure on the industry.
The crypto billionaire gave an interview to Bloomberg Crypto. Saylor was asked about the implications, as the SEC’s pressure on the market was on the agenda. Saylor said that MicroStrategy’s view since 2020 is that the only asset worth investing in the crypto space is Bitcoin. Also, according to Saylor, Bitcoin is the only digital commodity that is globally accepted in the industry and worldwide. Based on this, Saylor makes the following comment:
It’s clear that regulators don’t see a legal way forward for cryptocurrencies like cryptocurrencies. Moreover, regulators do not like crypto derivatives at all. They don’t like crypto tokens at all. And they have a very limited view of crypto exchanges. So, in their opinion, crypto exchanges need to change. It should also buy and sell pure digital commodities like Bitcoin. Therefore, the crypto industry will have to be reduced to the 5-10 PoW tokens focused on Bitcoin.
“Bitcoin has the potential to do 100x!”
According to CoinMarketCap, Bitcoin currently accounts for approximately 48% of the $1 trillion market cap of its market. In an interview with Bloomberg, Saylor says Bitcoin’s dominance will rise to 80% as other coins are declared securities by regulators and their use declines.
Accordingly, Saylor predicts that Bitcoin’s dominance in crypto markets will double. He attributes this to the fact that more investors are turning to the original crypto asset and regulators continue to put pressure on the industry. Also, Saylor expects BTC to do 10x first from the current $25,870. He even claims that he won’t stop there and will do 10x again later. Therefore, Saylor forecasts a total increase of 100x for Bitcoin. On the other hand, it does not say any timeframe for this to happen.
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