“Crypto Industry Is Doomed To Be Downgraded To BTC And PoW Tokens”

Michael Saylor, one of the biggest BTC bulls, made a statement after the SEC sued Bitcoin exchanges Binance and Coinbase for allegedly selling unregistered securities.

In an interview with Bloomberg Crypto, the host asked Saylor for her thoughts on the recent SEC crackdown on crypto companies. Saylor answered this question as follows:

I think MicroStrategy’s view since 2020 is that Bitcoin is the only institutional-grade investmentable asset in the crypto space. Bitcoin is the only digital commodity that is universally accepted worldwide in this industry. I think it’s pretty clear that regulators don’t see a legitimate way forward for cryptocurrencies like stablecoins, crypto securities like the tokens mentioned.

Regulators do not like crypto derivatives at all. They don’t like crypto tokens at all. And they have a very limited view of crypto exchanges. So, in their view, crypto exchanges should change and buy and sell pure digital commodities like Bitcoin. Therefore, the entire cryptocurrency industry is doomed to be reduced to Bitcoin-focused and 5-10 Proof of Work tokens.

According to Michael Saylor, Bitcoin’s dominance in the cryptocurrency markets will almost double as more investors turn to this original digital asset and regulators continue to put pressure on the industry. Bitcoin currently accounts for approximately 48% of the $1 trillion market cap of the cryptocurrency world, according to CoinMarketCap. In an interview with Bloomberg, Saylor said that Bitcoin’s dominance will rise to 80% as other coins are declared securities by regulators and their use declines. Saylor said he expects the price of Bitcoin to increase tenfold in the first place and then tenfold again from the current $25,813.

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