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Cryptogambling / MicroStrategy CEO: U.S. crypto crackdowns to make industry Bitcoin-focused

MicroStrategy CEO: U.S. crypto crackdowns to make industry Bitcoin-focused

Publish Date: 18/06/2023
Stock Photo, tags: greater focus - images.unsplash.com

Stock Photo – images.unsplash.com

Regulatory actions in the United States are expected to reshape the crypto industry, leading to a greater focus on Bitcoin (BTC), according to MicroStrategy CEO Michael Saylor.

In a recent interview with Bloomberg, Saylor highlighted the enforcement actions taken by the U.S. Securities and Exchange Commission (SEC) against major crypto exchanges would favor Bitcoin.

He believes this development will further strengthen Bitcoin’s dominance in the market and potentially propel its price to soar beyond $250,000.

Unlike other cryptocurrencies, Bitcoin has been exempted from being classified as a security by SEC Chairman Gary Gensler. This exemption, combined with its status as the leading asset in the crypto market and its perceived reliability as a store of value, has contributed to Bitcoin’s appeal among many investors.

The CEO emphasized that U.S. regulators do not see a viable future for cryptocurrencies and do not hold a favorable view of stablecoins, crypto tokens, or crypto-based derivatives.

Saylor sees crypto exchanges as the catalyst behind a significant surge in Bitcoin’s prominence.

“[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,” he said.

“The next logical step is for Bitcoin to 10x from here and then 10x again.”

Consequently, he envisions the entire industry being streamlined into a Bitcoin-focused sector with a few other proof-of-work tokens alongside it.

Video: Regulators Have No Love for Bitcoin or Crypto: Saylor

Regulators Have No Love for Bitcoin or Crypto: Saylor

Mixed sentiments within the crypto community

The dominance of Bitcoin in the crypto market has already seen an increase, rising from 40 percent to 48 percent in 2023 due to regulatory pressure on other crypto projects. Saylor remains bullish on Bitcoin’s prospects and projects its dominance to reach 80 percent as institutional investment flows into the crypto space.

However, not all members of the crypto community share Saylor’s viewpoint. Anthony Sassano, the host of Daily Gwei, expressed disappointment in the pleasure some Bitcoin supporters take in the SEC’s actions against Coinbase. He believes Coinbase has contributed significantly to Bitcoin adoption.

Mike McGlone, senior macro strategist at Bloomberg Intelligence, raised concerns in May that cryptocurrencies, in general, may experience a crash. He observed that while 2023 has been a year of recovery for many assets that fell in 2022, crypto could face a similar fate, akin to what is currently happening in the commodities market and traditional banking systems.

The regulatory pressure currently faced by the crypto market has strained its structure, leading to high fear levels among investors and declining prices for many cryptocurrencies. Major exchanges such as Coinbase and Binance are currently under intense scrutiny from the SEC regarding the sale and possession of unregistered securities.

Despite this challenging environment, Bitcoin remains unaffected by regulatory pressure and continues to be regarded as a reliable store of value by most investors. Currently trading around the $25,900 mark, Bitcoin seeks to recover in the midst of market volatility.

The outcome of the ongoing cases involving Binance and Coinbase is anticipated to have significant implications for the future of cryptocurrencies and their operations. Economist Lyn Alden has previously warned of potential risks for Bitcoin in the second half of 2023.

Lyn suggested that when the U.S. resolves its debt issue, substantial liquidity may be withdrawn from markets, making it a vulnerable time for risk assets, including BTC.

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