Michael Saylor, the former CEO of MicroStrategy, commented in an interview that the present SEC lawsuits against platforms like Coinbase and Binance will pave the way for bitcoin to become bigger than it’s ever been.
Michael Saylor on the Future of BTC
He anticipates that the bitcoin dominance in the crypto industry (which currently stands between 40 and 48 percent) will shoot up to a whopping 80 percent, leaving only a 20 percent margin for remaining altcoins. He thinks that with so many crypto exchanges afraid of the SEC and delisting altcoins that might be considered securities, bitcoin is going to become the ultimate force in crypto. He commented in a recent interview:
Now I think that the public is beginning to realize that bitcoin is the next bitcoin. The next logical step is for bitcoin to [grow] ten times from here and then ten times again.
There are many crypto investors out there that have tried hard to diversify their portfolios. They have invested in multiple coins across a wide spectrum of assets as a means of ensuring that if one coin goes down, they at least have the chance of sustaining their wealth and keeping their stability.
However, with so many exchanges and trading platforms now getting rid of various altcoins, they’ll want to remain in the crypto space and will have no choice but to place all their money into BTC, which could wind up making it the ultimate king of digital assets.
Saylor has always been a bitcoin bull, first catching the bitcoin bug back in late 2020 and investing some of his company’s money into the world’s number one digital currency by market cap. While things appeared promising at the start, by 2022, the currency had taken a serious turn for the worse, and Saylor wound up losing a bunch of cash for MicroStrategy that still, largely, has not been recovered. From there, Saylor left the CEO position he worked for over 30 years and demoted himself to executive chairman.
Discussing the present mind frame of the SEC, Saylor mentioned:
I mean, their view is [that] 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.
All Exchanges Will Only Focus on BTC
Eventually, he foresees a time when all crypto exchanges in the world turn their backs on altcoins entirely and focus purely on bitcoin trading for their customers. He said:
Eventually, I have confidence that the crypto exchanges will come around to realizing that bitcoin really is the dominant asset in this space, and their business models are fine when bitcoin goes up by a factor of ten.