Michael Saylor, co-founder of MicroStrategy, believes that recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) on cryptocurrency firms could lead to the creation of a Bitcoin (BTC)-focused industry and push its price to above $250,000.
In a June 13 Bloomberg interview, Saylor said that SEC Chair Gary Gensler’s exclusion of Bitcoin from being classified as a security has given the crypto an advantage. He went on to say that the regulators are not supportive of stablecoins, crypto-tokens and crypto-based derivatives.
Saylor believes that crypto exchanges will be the catalyst for the significant price surge. He said: “[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.”
This would result in an increase of Bitcoin’s market share, from 40% to 80%, as “mega institutional money” flows into the crypto space. Saylor anticipates the price of Bitcoin would then “10x from here and then 10x again.”
However, Anthony Sassano, host of The Daily Gwei, has criticized “Bitcoiners” for supporting the SEC’s lawsuits against Coinbase and other exchanges that list tokens deemed unregistered securities. The team behind Ethereum-based wallet MetaMask and many others also believe that a “multichain future” is inevitable because different blockchains serve different purposes.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has warned of an impending “deflationary bust” impacting the commodities market and bank deposits, with crypto being the next domino to fall. Economist Lyn Alden had a similar view, telling Cointelegraph in January that there is “considerable danger ahead” for Bitcoin in the second half of 2023 when the U.S. resolves its debt issue.
