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Michael Saylor – Executive Chairman of MicroStrategy – posits that the regulatory scrutiny from the US SEC may serve as a bullish catalyst for bitcoin’s value and enhance its supremacy over other cryptocurrencies.
The American anticipates that numerous altcoins will be classified as securities, leading exchanges to remove them from trading. BTC is expected to be one of the few unaffected, with its market share potentially surging to 80%, Saylor noted.
Bitcoin is ‘Destined’ to Succeed
A prominent advocate for the leading cryptocurrency – Michael Saylor – believes that the lawsuits initiated by the US SEC against Binance and Coinbase could positively influence bitcoin’s status and valuation. In a recent interview with Bloomberg, he expressed his expectation that investor interest in the asset will grow if the regulator persists in its enforcement actions against the broader market.
He stated that the agency will likely categorize most digital currencies as securities, while BTC and “a dozen other” assets may retain their classification as 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 remarked.
Michael Saylor, Source: CNBC
Consequently, the leading digital currency could become increasingly appealing to investors, potentially elevating its market dominance from the current 48% to 80%.
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Remaining true to his views, Saylor provided another optimistic price forecast for bitcoin, predicting its value could exceed $250,000 and then multiply tenfold.
MicroStrategy’s Executive Chairman has made numerous bullish predictions regarding BTC over the past few years. He described the asset as a superior financial instrument compared to gold in June of last year, asserting that its price could soar “into the millions.”
He maintained a strong stance during the FTX crisis, asserting that bitcoin is entirely transparent and will emerge as a “winner” due to its status as a “digital commodity.”
BTC Dominance Hit a Two-Year High
Bitcoin’s dominance over alternative coins has steadily risen in recent months. The latest figures (provided by CoinMarketCap) indicate that it has reached 47.6%, a level last observed in the spring of 2021.
Bitcoin Dominance Chart. Source: CoinMarketCap
The last time bitcoin’s dominance matched Saylor’s projected target of 80% was at the start of 2017. However, in the subsequent years, Ether (ETH), Tether (USDT), Binance Coin (BNB), Ripple (XRP), and others gained momentum, diminishing BTC’s dominance.
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