{"id":24119,"date":"2023-06-14T15:58:14","date_gmt":"2023-06-14T15:58:14","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/06\/14\/crypto-industry-destined-to-be-btc-focused-due-to-regulators-says-michael-saylor\/"},"modified":"2023-06-14T15:58:14","modified_gmt":"2023-06-14T15:58:14","slug":"crypto-industry-destined-to-be-btc-focused-due-to-regulators-says-michael-saylor","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/06\/14\/crypto-industry-destined-to-be-btc-focused-due-to-regulators-says-michael-saylor\/","title":{"rendered":"Crypto industry \u2018destined\u2019 to be BTC-focused due to regulators, says Michael Saylor"},"content":{"rendered":"

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Key takeaways<\/p>\n

Crypto industry will be BTC-focused<\/h2>\n

MicroStrategy co-founder Michael Saylor believes that the cryptocurrency industry is destined to grow to be BTC-focused. He made this assertion throughout an\u00a0interview with Bloomberg<\/u><\/a>.<\/p>\n

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\u2019t see a reliable path ahead for cryptocurrencies<\/p>\n

Saylor additionally added that cryptocurrency exchanges would gasoline a worth surge in Bitcoin within the close to time period. He said that;<\/p>\n

\u201c[The SEC\u2019s] 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.\u201d<\/em><\/p>\n

Bitcoin\u2019s market dominance will increase to 47%<\/h2>\n

Bitcoin started the yr with a market dominance of 40%. However, thanks to the rally skilled in the previous couple of months, Bitcoin\u2019s market dominance now stands above 47%.\u00a0<\/p>\n

Saylor believes that Bitcoin\u2019s market dominance will attain 80% as extra institutional funds will enter the market after confusion and nervousness over crypto disappear.\u00a0<\/p>\n

MicroStrategy has been shopping for extra bitcoins regardless of the continued bear market. In March, the corporate\u00a0purchased 6,455 bitcoins<\/u><\/a> price $150 million. Saylor\u2019s firm at the moment holds greater than 138,900 bitcoins.<\/p>\n

The world\u2019s main cryptocurrency has been underperforming in current days. At press time, the\u00a0price of Bitcoin<\/u><\/a> stands at $26,001, down by greater than 3% within the final seven days.<\/p>\n

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.<\/p>\n

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[ad_1] 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\u00a0interview 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 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