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Microstrategy founder Michael Saylor, referring to the recent regulatory crackdown on the industry, stated that he pictures a Bitcoin-centric financial sector for the future. In an interview with Bloomberg on June 13, 2023, Saylor spoke about the current scenario faced by the industry with the increased frequency of lawsuits against it by the United States Securities and Exchange Commission (SEC).
The Future is a Bitcoin-centric Financial Sector – Michael Saylor
During the interview, Saylor emphasized Microstrategy’s unwavering faith in Bitcoin since 2020, labeling it as “the sole institutional-grade investable asset within the crypto space.” He further pointed out that BTC is commonly accepted as a digital commodity on a global scale. He argued that regulators fail to see the promising future for cryptocurrencies.
Saylor explained that regulators must share the zeal for crypto tokens and derivatives. He argued that they view crypto exchanges with twisted lenses. Moreover, the regulators want exchanges to only trade and exchange in pure digital commodities like Bitcoin.
Such a chain of events would eventually drive the industry to become Bitcoin-focused, and only a few Proof-of-Work (PoW) tokens would prevail.
Microstrategy is among the biggest holders of Bitcoin, with a massive stash of 140,000 BTCm worth around $3.48 Billion. Experts argue that had they invested in Ethereum instead, the company would have been sitting on a profit of 50% rather than a loss of 14%.
Despite losing approximately 64% in value, Microstrategy is still bullish on BTC, showing an unwavering commitment toward their favored cryptocurrency.
He then argued about the general public’s slow yet gradual realization of the fact that “Bitcoin is the next Bitcoin.” Saylor Insisting on the logical progression of its value multiplying by tenfold and how it will repeat this feat all over again.
Saylor predicted there will be a revival, and that BTC will gain a market dominance of 80%, a milestone previously touched in 2017. The industry will be propelled forward if regulatory clarity is in place by then as the hindrances and ambiguity faced by institutional investors would vanish.
However, not everyone shares Saylor’s zeal toward BTC in the industry, and his comments did not receive a warm welcome in the community. Experts argue that instilling a BTC monopoly and shielding the cryptocurrency from free-market competition might not be a good option for the industry’s future.
Michael was pointing towards an increase in BTC’s market share from 40% to 48% in 2023, especially during the regulatory crackdown when the SEC alleged 68 cryptocurrencies to now be treated as securities. Saylor argued that none mentioned in the list was based on a Proof-of-Work (PoW) consensus mechanism. Hence market dominance could reach dream status in the future.
The whole crypto industry is different from other digital assets that the SEC deals with. Surprisingly, however, certain Bitcoiners are pleased with the lawsuits against Coinbase and others regarding unregistered securities.
Incredibly embarrassing to see how many Bitcoiners who self-identify as "cypherpunks" are absolutely salivating at the fact that the SEC is going after Coinbase.
— sassal.eth 🦇🔊 (@sassal0x) June 7, 2023
No company in this industry has done more for Bitcoin adoption than Coinbase.
At press time, Bitcoin is trading at $24,866.86, dropping 4.19% in the last 24 hours and 6.04% in the previous seven days. Its value against Ether swelled by 2.44% to 15.23 ETH. Market cap dropped by 4.19% to $482 Billion, and trading volume increased by 37.09% to $16.81 Billion. Ranking at number 1, BTC shows a marked dominance of 47.56%.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
