Crypto industry ‘destined’ to be BTC-focused due to regulators, says Michael Saylor

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Key takeaways

Crypto industry will be BTC-focused

MicroStrategy co-founder Michael Saylor believes that the cryptocurrency industry is destined to grow to be BTC-focused. He made this assertion throughout an interview with Bloomberg.

According to Saylor, Bitcoin is the one main cryptocurrency that has been excluded as a safety by the US Securities and Exchange Commission (SEC). He identified that the regulatory company doesn’t see a reliable path ahead for cryptocurrencies

Saylor additionally added that cryptocurrency exchanges would gasoline a worth surge in Bitcoin within the close to time period. He said that;

“[The SEC’s] view is crypto exchanges should trade and hold pure digital commodities like Bitcoin, and so the entire industry is kind of destined to be rationalized down to a Bitcoin-focused industry with maybe a half a dozen to a dozen other proof of work tokens. The next logical step is for Bitcoin to 10x from here and then 10x again.”

Bitcoin’s market dominance will increase to 47%

Bitcoin started the yr with a market dominance of 40%. However, thanks to the rally skilled in the previous couple of months, Bitcoin’s market dominance now stands above 47%.

Saylor believes that Bitcoin’s market dominance will attain 80% as extra institutional funds will enter the market after confusion and nervousness over crypto disappear.

MicroStrategy has been shopping for extra bitcoins regardless of the continued bear market. In March, the corporate purchased 6,455 bitcoins price $150 million. Saylor’s firm at the moment holds greater than 138,900 bitcoins.

The world’s main cryptocurrency has been underperforming in current days. At press time, the price of Bitcoin stands at $26,001, down by greater than 3% within the final seven days.

The broader cryptocurrency market has additionally seen its complete cap enhance for the reason that begin of the yr. At the beginning of the yr, the entire cryptocurrency market stood above $700 billion. The complete cryptocurrency market cap has since climbed previous the $1 trillion mark.