In a recent Bloomberg interview, former MicroStrategy CEO Michael Saylor made a bold claim that Bitcoin is destined for an extended period of market dominance, potentially doubling its current level.
This increase, he explains, will largely be a result of growing regulatory clarity in the United States, which he believes will gradually reduce the overall cryptocurrency market to a Bitcoin-focused industry.
Saylor has predicted a shift away from stablecoins, crypto derivatives, and tokens, stating that Bitcoin is the only universally acknowledged digital commodity that regulators are willing to accept.
His forecast is rooted in the belief that as regulators tighten their grip on the crypto industry, many crypto-assets will either be banned or fade into obscurity, leaving Bitcoin to occupy the limelight.
Saylor expects this inevitable narrowing of the industry to greatly benefit Bitcoin since it eliminates competition and confusion in the marketplace.He noted that Bitcoin's dominance has already risen from 40 to 48 percent since the start of the year.
Saylor also anticipates that this surge in Bitcoin dominance will significantly bolster the business models of crypto exchanges. Despite the potential limitations these platforms may face in a stricter regulatory environment, he argues that a tenfold increase in the value of Bitcoin will ensure their profitability. He foresees a flood of institutional money pouring into Bitcoin because of regulatory clarity.
Godfrey Benjamin
Arman Shirinyan
