Michael Saylor says Bitcoin dominance is headed for 80% in the long term

Bitcoin’s (BTC) dominance is acceptable to scope 80% successful the agelong word arsenic regulators ace down connected different assets, MictraStrategy co-founder Michael Saylor told Bloomberg TV connected June 13. MicroStrategy is the largest nationalist holder of BTC.

Currently, Bitcoin’s crypto marketplace dominance is astir 48%, meaning BTC accounts for astir fractional of the implicit $1 trillion market, per CryptoSlate data.

Saylor said:

“MicroStrategy’s presumption since 2020 has been that the lone institutional-grade investable plus successful the crypto abstraction is Bitcoin. Bitcoin is the universally, globally-acknowledged integer commodity successful this industry.”

Saylor believes regulators bash not spot a “legitimate way forward” for stablecoins, crypto securities, and crypto derivatives. This month, the U.S. Securities and Exchange Commission (SEC) designated 19 crypto assets arsenic securities successful its lawsuits against Binance and Coinbase.

U.S. regulators person a presumption of crypto exchanges that is “far constrained,” Saylor said. As per the regulators, exchanges should lone commercialized and clasp “pure integer commodities” similar Bitcoin, helium said, adding:

“So, the full manufacture is benignant of destined to beryllium rationalized down to a Bitcoin-focussed manufacture with fractional a twelve to a twelve different proof-of-work tokens.”

There are implicit 25,000 tokens tracked crossed CryptoSlate, CoinMarketCap, and CoinGecko, and Saylor said that the abundance of cryptocurrency tokens had created disorder successful the industry. Most of these tokens person been trying to presumption themselves arsenic the “next Bitcoin oregon amended Bitcoin,” Saylor said.

But arsenic regulators ace down connected tokens, investors volition recognize that lone “Bitcoin is the adjacent Bitcoin,” Saylor remarked. Therefore, helium predicted that the Bitcoin terms is acceptable to increase. He stated:

“The adjacent logical measurement is for Bitcoin to 10x from here, and past 10x again.”

Saylor besides communicated that helium sees a fewer bullish signs for Bitcoin connected the horizon. The alteration successful accounting standards, the upcoming Bitcoin halving, the detonation of hash rate, and the “clarity” that has travel from the SEC’s caller moves are “laying the instauration for the adjacent bull run.”

U.S. crypto exchanges volition beryllium ‘fine’ focusing connected conscionable Bitcoin

Saylor said that “mega organization money” is not presently flowing into the crypto abstraction owed to “confusion and anxiety.” He believes that erstwhile this disorder and anxiousness goes distant with regulatory clarity, organization wealth volition flood the space.

Eventually, U.S. crypto exchanges volition recognize that Bitcoin is the “really ascendant asset.” With Bitcoin’s terms expanding ten-fold, the concern exemplary of the exchanges “will beryllium conscionable fine” portion focusing lone connected Bitcoin, helium added.

Similarly, crypto exchanges person a “massive need” to assistance radical and institutions buy, sell, and clasp Bitcoin. This request is not “going away,” Saylor said. In fact, helium thinks it volition beryllium a “great business” for the exchanges.

The station Michael Saylor says Bitcoin dominance is headed for 80% successful the agelong term appeared archetypal connected CryptoSlate.