BingX Insights

Get the latest blockchain news on BingX.

Michael Saylor Thinks The SEC Crackdown Could Boost Bitcoin’s Dominance to 80%

AA News - Dimitar Dzhondzhorov 2023-06-15 00:00

Michael Saylor – Executive Chairman of MicroStrategy – believes the regulatory pressure coming from the US SEC could be a bullish factor for bitcoin’s price and increase its dominance above the other digital assets. 

The American predicted that many altcoins will be deemed securities and exchanges will delist them. BTC will be among the few to be spared, whereas its market share dominance could spike to 80%, Saylor added. 

Bitcoin is ‘Destined’ to Succeed

One of the keenest supporters of the primary cryptocurrency – Michael Saylor – thinks the lawsuits which the US SEC filed against Binance and Coinbase could have a positive effect on bitcoin’s preeminence and price. In a recent interview for Bloomberg, the American said he expects investors to increase their interest in the asset should the regulator continues its crackdown on the rest of the industry. 

According to him, the agency will declare most digital currencies securities, while BTC and “a dozen other” assets could remain the only ones with the status of commodities. 

“The entire industry is kind of destined to be rationalized down to bitcoin and a half a dozen to a dozen other proof-of-work tokens,” Saylor said.

Michael Saylor Michael Saylor, Source: CNBC

As a result, the leading digital asset could become even more attractive to investors, pushing its market dominance from the current levels of 48% to 80%. 

True to himself, Saylor gave another optimistic price prediction on bitcoin, seeing its valuation rising to above $250,000 and then shooting again tenfold. 

MicroStrategy’s Executive Chairman has shared numerous bullish forecasts on BTC in the past few years. He labeled the asset as a better financial tool than gold in June last year, arguing its price could skyrocket “into the millions.”

He remained a strong proponent during the FTX meltdown, claiming that bitcoin is fully transparent and will emerge as a “winner” because it is a “digital commodity.”

BTC Dominance Hit a Two-Year High

Bitcoin’s dominance against the alternative coins has gradually increased in the past several months. The latest data (presented by CoinMarketCap) shows that it reached 47.6%, a figure which was last seen in the spring of 2021.

Bitcoin Dominance Chart. Source: CoinMarketCap Bitcoin Dominance Chart. Source: CoinMarketCap

The last time bitcoin’s dominance stood at Saylor’s future target of 80% was at the beginning of 2017. In the following years, though, Ether (ETH), Tether (USDT), Binance Coin (BNB), Ripple (XRP), and more gained traction and shrunk BTC’s predominance. 

The post Michael Saylor Thinks The SEC Crackdown Could Boost Bitcoin’s Dominance to 80% appeared first on CryptoPotato.