• Michael Saylor of MicroStrategy Inc. predicts that Bitcoin’s market dominance will soon double as more investors turn to the original digital asset and regulators continue to crack down on other coins.
• SEC chief Gary Gensler has excluded Bitcoin from its definition of a security, which could contribute to its increasing market share.
• According to Saylor, once “mega institutional money” enters the cryptocurrency market and “confusion and anxiety” surrounding it vanishes, this dominance will rise to 80%.
Michael Saylor Predicts Increase in Bitcoin’s Dominance
Bitcoin’s market share will nearly double, according to Michael Saylor of MicroStrategy Inc. In an interview, the Bitcoin bull stated that SEC’s recent enforcement steps will ultimately benefit Bitcoin. According to CoinMarketCap, Bitcoin currently represents approximately 48% of the $1 trillion market value of cryptocurrencies.
SEC Excludes Bitcoin From Definition of Security
U.S. regulators don’t see a legitimate path forward for cryptocurrencies and „they don’t have any love“ for stablecoins, crypto-tokens, or cryptocurrency-based derivatives., according to Saylor in a June 13 interview with Bloomberg. This was because BTC was the only cryptocurrency that SEC chief Gary Gensler excluded from the definition of a security. As other coins are deemed securities by regulators and their use is curtailed, BTC’s market share will increase to 80%, he said in an interview with Bloomberg Television
Enforcement Activity Could Contribute To Market Share Climb
Saylor pointed out that the SEC’s enforcement activity and the fact that it has already classified 68 cryptocurrencies as securities—none of which are proof-of-work—may be partly responsible for Bitcoin’s market share climb from 40% to 48% in 2023.
Mega Institutional Money To Enter Cryptocurrency Market
According to Saylor, once “mega institutional money” enters the cryptocurrency market and “confusion and anxiety” surrounding it vanishes, this dominance will rise to 80%. However, Saylor and other proponents point out that regulatory approval is needed before large investments can be made in digital assets like bitcoin.
In conclusion, Michael Saylor’s prediction is that due to regulatory crackdown on alternative coins combined with potential influxes of mega institutional money into bitcoin markets could lead bitcoin’s overall dominance within cryptomarkets up near 80%.