Michael Saylor, Executive Chairman of MicroStrategy, thinks that regulatory pressure from the US SEC could increase the value of Bitcoin and strengthen its dominant position over other digital assets.
Saylor predicts that many altcoins will be treated as securities and will be removed from exchanges. He also said that Bitcoin will be one of the few assets to benefit from this situation, and that its market dominance could increase to 80%.
BITCOIN IS “DEFINED” TO SUCCESS
Michael Saylor, one of Bitcoin’s strongest advocates, thinks that the lawsuits the US SEC has filed against Binance and Coinbase can have a positive impact on Bitcoin’s preeminence and value. He hopes that these efforts from the regulator will increase investor interest in the asset if the industry continues to come under repressive pressure.
Saylor believes that the SEC will declare that most digital currencies are securities, while Bitcoin and a few other cryptocurrencies can be viewed as commodities.
Saylor predicts that Bitcoin’s market dominance could increase from its current level of 48% to 80%. He also gave an optimistic price prediction for Bitcoin, suggesting that its value could rise above $250,000.
Michael Saylor has long shared many bullish Bitcoin predictions. He views Bitcoin as a better financial instrument than gold, and he has argued that the value of Bitcoin can increase significantly, even to millions of dollars.
Saylor was also one of the strong advocates during the FTX crisis, and he thinks Bitcoin, with its transparency, will become a “winner” and emerge as a “digital good.” .
BTC Dominance Hits TWO YEAR HIGHLIGHTS
In the last few months, Bitcoin has increased its dominance against alt-coins. According to the latest data from CoinMarketCap, Bitcoin reaches a dominance rate of 47.6%, a number that has not been recorded since the spring of 2021.
The last time Bitcoin hit Saylor’s future target dominance of 80% was in early 2017. However, in the following years, coins like Ether (ETH), Tether (USDT), Binance Coin ( BNB), Ripple (XRP) and many others have increased the appeal and narrowed the dominance of Bitcoin.
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