Michael Saylor says SEC actions will make crypto industry Bitcoin focused.
The founder and executive chairman of business-intelligence firm MicroStrategy, Michael Saylor, has stated that recent enforcement actions by US regulators have made it clear that the cryptocurrency industry is headed towards focusing solely on bitcoin (BTC). “MicroStrategy’s views since 2020 have been that the only institutional grade asset is bitcoin,” said Saylor in an interview with Bloomberg on Tuesday. He added that it is apparent that regulators do not see a legitimate path forward for cryptocurrencies, therefore, the entire industry is expected to be rationalized down to a bitcoin-focused industry, with perhaps half a dozen to a dozen other proof of work tokens. The US Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase last week, mentioning 19 tokens in their filings, but bitcoin was not one of them. Saylor’s MicroStrategy began buying bitcoin in 2020, calling it a million times better store of value than gold and now holds around 140,000 bitcoin worth approximately $4 billion. In a previous case, Saylor lost a bid to dismiss claims that he failed to pay personal income taxes, interest and penalties due for Washington, D.C., but the court dismissed claims that Saylor and MicroStrategy had conspired to violate the law. Saylor believes that because of the approximately 25,000 other cryptocurrencies that have been positioning themselves as bitcoin or a better bitcoin, it is now clear that bitcoin is the next bitcoin. He believes the next logical step is for bitcoin to multiply 10 times in value to $250,000. Saylor said he has confidence that crypto exchanges will eventually realise that bitcoin is the dominant asset in the space, and their business models are fine when bitcoin goes up by a factor of 10.
Read More: MicroStrategy Founder Michael Saylor Loses Court Bid to Dismiss DC Tax Evasion Claims
Edited by Omkar Godbole.